Tax Process
First step in filing taxes
What is collecting documents?
Form from your employer
What is a W-2?
Total income before deductions
What is gross income?
Tax deadline
What is April 15?
Example of non-wage income
What is freelance work?
Step where you pick single, married, etc.
What is choosing filing status?
Main tax return form
What is a 1040?
Reduces taxable income
What is a deduction?
Filing method using software
What is do-it-yourself filing?
Example of a deduction
What are medical expenses?
Step where you add all earnings together
What is reporting income?
Form for freelance income
What is a 1099?
Reduces tax owed directly
What is a credit?
Filing with expert help
What is a professional accountant?
You worked a side job tutoring and got paid outside a regular job — what form will you likely receive?
What is a 1099?
Step where deductions and credits are applied
What is subtracting deductions and credits?
Shows taxes already withheld
What is a W-2?
Money returned if you overpay
What is a refund?
What happens if you file late
What are penalties and interest?
Filing status affects this
What is tax bracket?
Final step before deadline
What is filing your tax return?
Combines all tax information
What is a 1040?
Money you still owe
What is tax owed?
IRS provides this for low income
What is free file?
What determines refund vs owed
What is comparing withheld taxes to tax owed?