As the tax season rolls around, people start dreading about meeting deadlines more than anything else.
Truth be told, the reason is quite expected. It’s not easy to file taxes, assemble documents, and make zero mistakes in the meantime. But the real question on everyone’s mind? Not just how to file right, but how long it’s going to take!
Will it be a few hours or days of digging through receipts, filling out forms, and double-checking every detail? If you’ve been dreading the endless hours spent on tax preparation or feeling overwhelmed by the complexity, you’re not alone.
There are endless taxpayers (and even businesses) scared of this day’s arrival.
That’s why we’ve prepared this guide. This blog post will break down how long does it take to file taxes, the factors that can stretch out the process, and how to ensure tax season doesn’t consume more time than necessary. Without further ado, read ahead!
Understanding the Tax Filing Process
Filing your federal tax return can be simple if you follow a few steps to ensure accuracy and timeliness. But, are you asking, “How long does it take to file taxes?” Then the answer is actually manifold.
In simple words, it honestly varies depending on your financial situation. But staying organized helps speed up the process. So, before anything else, let’s have a look at the tax filing process:
1. Gather Your Documents
Collect all the necessary forms and receipts that show your earnings and any deductible expenses, such as:
- W-2 Forms: From each employer you worked for.
- 1099 Forms: For other income, like freelance work or interest.
- Schedule C (Form 1040): For reporting income or loss from self-employment or a business.
- Schedule A (Form 1040): For itemizing deductions like charitable donations, mortgage interest, and medical expenses.
- Receipts: For things like charitable donations, mortgage interest, state and local taxes, and medical or business expenses if you plan to itemize your deductions.
You may need a few more documents based on your situation. It’s always a good idea to check with credible sources. In this case, get in touch with Hopkins CPA Firm.
2. Choose Your Filing Status
Pick your filing status—Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Widow(er). You should choose a status based on your contribution to household expenses, as this will affect your tax rates and deductions.
3. Decide How to File Your Taxes
- The IRS often recommends to use tax software to e-file for easy, accurate returns (alongside quicker refunds.)
- If you’re eligible, you can file online for free through the IRS Direct File pilot program in certain states.
- Filing by mail is an option, but it may take four weeks or more for your return to be processed.
4. Choose Between Standard Deduction or Itemizing
Decide whether to take the standard deduction (a fixed amount subtracted from your income) or itemize your deductions (listing individual expenses like mortgage interest or medical bills). Choose the standard deduction if you want a simple option, or itemize if your expenses are higher than the standard deduction amount.
5. Make a Payment if You Owe Taxes
If you owe taxes, you can pay:
- Online: Use the IRS website to pay directly from your bank account or with a card.
- Payment Plan: Set up a monthly payment plan if you can’t pay the full amount now.
- By Mail: Send a check or money order to the IRS with a payment voucher.
Just a heads-up, pay early and at least before the penalties start hitting.
6. Submit Your Tax Return by the Deadline
File your return by the mid-April deadline. You can mail your return or e-file it for speedy processing. Ask for an extension if you need more time, but remember that doing so will not postpone the deadline for payment.
7. Check Your Refund Status
After filing, check your refund status using the “Where’s My Refund?” tool on the IRS website. Use your Social Security number, filing status, and refund amount to track it.
These steps can simplify the tax filing process for you. However, if the process feels too overwhelming or if you have back taxes piling up, get help before the problem becomes a snowball. Hopkins CPA Firm is here to assist, ensuring everything is done accurately and efficiently.
Also, get help with insurance planning services to protect your assets and comprehensive retirement planning services to help you reach your financial goals for the future.
How Long Does It Take to File Taxes?
Approximately, it takes 11–13 hours for an American taxpayer to prepare their tax return. This time includes record-keeping, tax planning, form submission, and other related activities. However, the time can vary greatly depending on how complex your finances are and the type of tax form you’re filing.
- Form 1040: On average, it takes about 15 hours to complete, including 7 hours for record-keeping, 2 hours for tax planning, and 4 hours for form completion. The average cost is around $270.
- Form 1040A: This form takes approximately 7 hours, including 2 hours for record-keeping and 1 hour for tax planning. The average cost is $90.
- Form 1040EZ: The simplest form, taking about 5 hours, with only 1 hour for tax planning and 1 hour for form completion. The average cost is around $40.
Average Time by Taxpayer Type:
- Non-Business Taxpayers: Typically spend around 8 hours, with an average cost of $120.
- Business Taxpayers: Face a much higher burden, spending around 21 hours on average, with a cost of $410.
Estimating how long does it take to file taxes can help you prepare more efficiently. Now, let’s dive into the factors that can impact your filing time.
Factors That Influence How Long Does it Take to do Taxes!
Knowing what factors influence the time it takes to file your taxes can help you plan better and avoid last-minute stress. This section will guide you on the key factors to be absolutely prepared and make the process as smooth as possible.
- Type of Income: If you have multiple income sources, such as freelance work or investments, it can take longer to gather all the necessary documents.
- Filing Method: E-filing is faster and more efficient than mailing a paper return, which can take weeks to process.
- Deductions and Credits: Claiming numerous deductions or credits, like for business expenses or education, requires more time and documentation.
- Organization: Having all your receipts and records in order before you start can significantly reduce the time it takes to file.
- Complexity of Your Return: The more complex your financial situation, the more time it takes to complete your return accurately.
These factors can impact how efficiently you file your taxes. Hopkins CPA Firm, serving nationwide and known for being among the top CPA firms in Texas and Austin CPA firms, can help you in the filing process so that you can rest assured. Let’s see how!
Get Help from Hopkins CPA for Faster Tax Filing
Hopkins CPA Firm can make your tax filing process easier and more efficient. If you’re wondering how long does it take to file taxes, our team ensures the process is smooth and handled professionally, saving you time and stress.
- Full Tax Filing Service: We can handle the entire tax filing process for you, ensuring everything is completed accurately and on time.
- Account Setup and Access: We assist you in creating or accessing your IRS account, so you have all your tax information in one place.
- Organized Record-Keeping: We help you gather and organize your tax records throughout the year, making filing simple and stress-free.
- Tax Identification Number Verification: We ensure your individual tax identification number (ITIN) is up-to-date and correct to avoid any delays.
- Withholding Review: We check that you’ve withheld the right amount of tax, preventing surprises at tax time.
- Direct Deposit Assistance: We set up direct deposit for your tax refunds, so you get your money back faster and more securely.
Let Hopkins CPA Firm handle the details, so you can file your taxes with confidence and ease.
Final Thoughts!
Staying organized and proactive is the key to a smooth tax filing process. A little time spent on recordkeeping each week can save you a lot of stress during tax season.
Still wondering how long does it take to file taxes? Ultimately, the answer depends on your situation, but staying ahead of deadlines makes the process much easier.
Most importantly, never skip filing altogether. Failing to file when you owe can result in hefty fines and even legal trouble. The IRS always catches up, and the consequences far outweigh the taxes owed.
The safer option?
File on time, even if you can’t pay immediately. The IRS offers payment plans to help you manage your debt without facing additional penalties.
Professional help from the Hopkins CPA Firm can guide you through relief options like an offer in compromise with IRS, or innocent spouse relief IRS, helping you negotiate a lower tax bill, or protecting yourself from joint tax liabilities. Book a call today!
