Federal Income Tax Return Basics

Are you looking for help filing your federal tax return? Perhaps you just got your first job and are looking for a few pointers?

In this post, we’ll take a look at what you need to know about filing your federal income tax return. If you’d like to learn more about filing your Indiana state taxes, click here.

Federal Tax Return Information

Individuals filing federal tax returns in the United States receive a $6,300 standard deduction as well as an exemption amount. The numbers change each year, but there is a base level amount above which an individual will have to file. Be sure to check the IRS website for the latest exemption information.

Where Do I File My Federal Tax Return?

You can file your federal tax return online. If you are mailing in a physical tax form, the address to send it to varies based on the form and whether or not you are including payment. You can find a list of federal tax forms and addresses for Indiana residents here.

There are also some agencies that help senior citizens and low income individuals file their federal tax returns. Individuals may also file at their local IRS office.

Federal Tax Refunds

In the past, the federal government has issued refunds fairly quickly. However, due to increased fraud, refunds are expected to be held longer in the future. This is especially true for low income individuals who are receiving earned income credits. In the case of earned income credit, you’re actually receiving additional money. Because earned income credit fraud is common, the federal government will hold these funds longer to attempt to decrease fraudulent claims.

Waiting on your tax refund? You can check the status of your refund here. You can find more information about filing your federal income taxes here.

Get Help Filing Your Federal Income Taxes

Not sure you’re preparing your federal income taxes properly? Are you positive you’ve claimed the appropriate credits and deductions? If you have questions about filing your taxes, take them to the experts at Baker Retirement & Wealth Management, PC.

The Baker team has been providing tax advice and other financial services in the greater Evansville area for close to thirty years. Our tax professionals are happy to answer your questions and provide assistance. Visit one of our office locations in Newburgh, Owensville, Evansville, or Boonville. You can also call the office toll free at 1-866-244-3517.