The challenge of gathering everything you need to file your annual tax return can be either minimal and yawn-worthy or aggravating and time-consuming. How you feel about doing your taxes can depend on your financial situation. You can probably yawn if you’re single, rent your home, and work one job, but you’ll have to dedicate some time to the filing process if you’re married, are a single parent with at least one of your children living at home, have investments, are self-employed, or work multiple jobs.
The Internal Revenue Service (IRS) already knows how much income you brought in last year; it just wants you to confirm it on your tax return. Anyone who paid you more than $600 over the course of the year is required to file an information return with the IRS reporting those payments, usually no later than Jan. 31 of the ensuing year. That threshold is just $10 in the case of royalty income or broker payments.You should receive a copy of these forms to assist you in preparing your tax return.