Taxes 101

It is important to file your income taxes each year. Here are some basic reminders on how to properly prepare for filing. 

Who needs to file taxes?

As a resident, part-time resident, or non-resident of the United States, you are required to report any income made and pay taxes on what you earned. The Internal Revenue Service (IRS) is the federal agency responsible for collecting taxes and enforcing tax laws.

What do I need to file?

All sources of income. This could include:

• Employment income is summarized on W-2 forms for each job you held during the year you’re filing taxes for and should be provided to you by January 31. 
• If you are an independent contractor, you should receive a 1099 form. 
• If you collected retirement or disability benefits, unemployment income, or had other sources of income you should also receive a 1099 form. 
• If you are self-employed, be prepared to provide all of your income and expense records.
• If you have a mortgage or student loan, you should receive a 1098 form to show interest paid.

What forms need to be completed?

Form 1040, for U.S. individual income tax return. The IRS website has a general guide to what schedule(s) you will need to file, with instructions for forms 1040 and 1040-SR.

How do I file my tax form?

If your yearly income is less than $73,000, you can file for free online through the IRS website. Michigan First members can also take advantage of exclusive discounts and benefits from TurboTax and H&R Block. If you prefer to hire and work with a tax preparer, there may be an additional cost, but it can be helpful to receive assistance from a tax professional if you own a business or are self-employed.

When is the deadline?

The individual tax return deadline for the 2022 tax year is Tuesday, April 18, 2023. 

Be proactive about your taxes.

Check out our tax calculators to estimate your tax obligations for the upcoming year.