Tips for First Time Tax Filers

Time For Taxes Message Shows Taxation Due

Let’s face it, filing your taxes for the first time can be a little intimidating.  Even if you elect to use a tax software program, making sure you have all the paperwork and the correct answer to all those questions can be daunting if you’re not prepared.

But before you get all worked up, one of the first things you need to determine is if you need to file a return. If you’re a student filing for the first time, speak with your parents before you file to determine if they are planning to list you as a dependent or claim some of your college costs on their return. Only one person can claim you as a dependent.

  • File Your Return: If you received a paycheck, then your employer withheld taxes from your paycheck. You should have received a W-2 from your employer stating your annual wages and the taxes withheld. Even if you made less income than what’s required to file, you should file anyway to get your refund.
  • Gather your paperwork: You will need your W-2 (or 1099 if you were self employed), receipts and documentation for expenses you wish to claim if you itemize, statements of additional income such as interest or other investment earnings, as well as documents useful in claiming tax breaks, such as deductible student loan interest listed on Form 1098-E or records of contributions to an IRA.
  • Get Professional Advice: Even if you believe you have an uncomplicated tax return, you should consider talking to tax professional who can recommend the best filing status, explain every entry on your tax return and ensure you receive the deductions and credits to which you’re entitled. Doing so will lessen the learning curve for next year’s filing.

At Account On Us, you can rest assured that you are dealing with a tax preparer that is highly trusted and respected in the community. We are a Diamond Parter in the St. Cloud Chamber of Commerce and have been on the Board of Directors for many years. We are here to serve, guide and direct you. If you’re looking for the best in tax preparation and tax planning, call us at 407.892.1066!

 

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