How to File Taxes

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Filing taxes is an important step to complete after every tax year, and it can be done by filling out either a 1099 form or a 1040 form through an online tax filing program or through a financial adviser. File taxes every year with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial advisor, Patrick Munro, talking about how to file taxes. Basically, every year U.S. taxpayers are required to file a return, a a tax return to the IRS even if they have not received any income. Many Americans fail to or will not pay their taxes, and they do not file a return. This creates a lot of problems on their behalf. Filing a tax record is really a responsibility. The way you do that is to make sure that all your income records are intact; all your expenses against that income are concurrent and well organized, and placed in the appropriate boxes on the tax return. If you're self-employed it's the 1099, and if you're a salaried employee it's a 1040. You can use TurboTax if you're a do-it-yourselfer, or recommended to use a CPA. They will file your tax records for you or they can be filed electronically, but in any case, they must be filed each and every tax year. This is financial advisor, Patrick Munro, talking about how to file tax records.

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