Learn About Taxes Free Online

By Alicia Bodine

  • Overview

    If you are tired of paying an accountant to do your taxes or you just don't have the money for one this year, you can learn online. The Internet is the information superhighway, and it contains all the information you need to learn how to do your taxes on your own. Not only will this save you money, but you will be well aware of where you stand financially and how you can prepare for the year to come.
    • Step 1

      Read MSN's "Basics: What You Really Need to Know to Do Your Taxes" (see resources). This article will give you a comprehensive list of all documents that are needed to do your taxes. Go through the list and find the items that pertain to you. Check them off as you gather the documents and set them aside to do your taxes.
    • Step 2

      Check for changes in tax laws. Every year the law changes slightly, so it is important to know what laws changed before you begin filing your taxes. The standard deduction may have been raised or the tax bracket could have been lowered or raised based on the inflation rate. Just go to your favorite search engine and type in the year followed by the words "tax law changes."

    • Step 3

      Print out the forms that you are going to need. All of them can be found on the IRS Website (see resources). There are also publications which you might need to figure out what you owe or what deductions you can take. Click on the form or publication to find out more about it if you are unsure as to whether you need it.
    • Step 4

      Decide if you are going to e-file. You can use the e-file system free to input your information and print out your taxes. It charges extra to submit it electronically, but you can use this service and print out returns to check and make sure you did yours right. You can use the e-file system on the IRS Website or use something like Turbo-Tax.
    • Step 5

      Read articles on sites like Web Tax Center (see resources). It has plenty of articles on doing your taxes as well as pages on frequently asked questions. It also provides an e-file service. There are many other sites like this that you can find simply by searching for free tax information.
    • Skill: Moderately Easy
    • Ingredients:
    • Computer
    • Internet
    • Tip: The MSN Website offers much more free online tax information. Take some time to search through it.
    • Tip: The IRS has a free help center that you can access through its Website. Anything you are unsure about, you should ask it.

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