Okay, folks. It’s time. Let’s knock out your taxes once and for all so you can go outside, take a deep breath, and enjoy the rest of springtime in peace (no more nightmares about IRS auditors breaking the front door down with calculators blazing . . . wait, is that just us?).

And please, for your own and your tax pro’s sake, don’t wait until the week before Tax Day to file your taxes. There are plenty of reasons to file your taxes early, like avoiding the stress of missing the deadline and giving yourself time to make a plan to pay your tax bill (if you have one). Don’t put it off, people!

Now that we got that out of the way, here are five simple steps to help you file your taxes:

Step 1: Gather your tax documents.

Before doing your taxes, you need to collect all of your tax documents. What forms will you need? Here are a few to keep in mind:

• W-2s
• 1099s
• Mortgage interest statements
• Investment income statements
• Charitable contribution statements

The Tax Prep Checklist will show you which tax documents you’ll need to file your taxes correctly.

Step 2: Choose between the standard deduction or itemizing.

When you file your taxes, you have two choices: Take the standard deduction or itemize your deductions. We’ve already talked about how tax deductions lower your taxable income—and the lower your taxable income is, the smaller your tax bill will be!

For most folks, it makes sense to take the standard deduction. It only makes sense to itemize if your individual deductions are greater than the standard deduction. If not, save yourself the hassle of digging through filing cabinets for old receipts and just take the standard deduction. 

Step 3: Pick a filing status.

So, how do you figure out which filing status to pick? There are five different statuses to choose from:³

• Single: If you’re divorced, legally separated or unmarried, you’ll file as a single taxpayer. 
   
• Married Filing Jointly: Use this status if you’re married and both of you agree to file a joint return. Most married couples save more on taxes by filing jointly. 
   
• Married Filing Separately: If you’re married and don’t agree to file jointly—maybe you only want to be responsible for your taxes or filing separately results in a lower tax bill—you can use this filing status. 
   
• Head of Household: To qualify, you must have paid for more than half of the household expenses for the year, be unmarried, and have a qualifying child or dependent under your care. So, if you’re a single parent or taking care of an ailing family member, you might qualify to file as head of household. 
   
• Qualifying Widow(er): If your spouse dies and you don’t remarry in the same tax year, you can file jointly with your deceased spouse. For the two years following the year of death, you can use the qualifying widow(er) filing status—as long as you’re still unmarried and live with a qualifying dependent.

Step 4: File your taxes with a tax pro or on your own.

You have two options: Hire a pro to help you with your taxes or file on your own (with tax software or by mailing in a paper return).

Online software can be straightforward if your situation is pretty simple and you’re planning to take the standard deduction. But if your tax return is more complicated—like if you run your own business or plan to itemize your deductions—it’s worth hiring a tax professional to make sure you file correctly.

When you file, your tax pro or tax software will let you know if you owe taxes or if you overpaid and get a tax refund.

Step 5: Get a head start on next year.

If you end up with a big tax refund or a large tax bill, you need to go ahead and adjust your withholding so you’re not taking too much or too little out of your paycheck for taxes next year.

Go ahead and file any tax documents and important receipts when you receive them during the year. That way you don’t have to dig around the house for hours looking for them to file next year’s taxes. Buy a few manila folders, an accordion file or a filing system for your tax documents and save them for at least three years. And open a folder on your computer and save those files and forms digitally while you’re at it. You might need them if the IRS comes knocking.