First, who files taxes?
In order to file taxes, you must first be a permanent resident or American citizen. You must make more than $400 a month from self-employment, or make over the filing requirements.
The current state income tax in Illinois is 4.95%. They will remove that amount out of your paycheck to fund things like infrastructure. Every state has a different amount of income tax, so if you move states, don’t forget to take that into account.
Now you’re all set to file your taxes.
You now need to determine if you want to file manually or through a self-filing program like TurboTax or H&R Block. Both have a paid version and a free plan for their features. to get started, you can call or sign up through their websites.
Next, you can pay through the official IRS website by going to “make a payment” and selecting the “direct pay with bank account” option. If you pay with debit, a credit card, or a digital wallet, you can select “pay with card or digital wallet.”
Mr. Bussone’s Tax Tips
We sat down with Personal Finance and Accounting teacher Mr. Bussone to learn more about filing taxes.
- “Use TurboTax, it makes it easier and has a more user-friendly interface.”
- “If you have a job you might have had money taken out to pay debts, but if you are young you most likely don’t have debts, you can file for a tax return which will give you a refund.”
- “If you donate to charity or Goodwill, you can use that as a tax write-off.”