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6 Tips for First-Time Tax Filers
You're all set to file your taxes, but you are feeling a little lost.
You may be concerned about how you'll know if you have to pay the government or not, or be able to decipher all the different tax terms.
With so many questions on your mind, tax season can seem more daunting than exciting! But fret no more because this article has got you covered with six tips for first-time filers that will slash your stress in half and leave you confident knowing that everything is in order.
1. Start Collecting Tax Information Early.
A lot of people find themselves scrambling to find the right forms and trying to remember all of their previous tax essentials. But, if you start gathering relevant information as early as possible, you’ll have time to figure out which ones you need or which ones are just too tedious to go through.
2. Organize Your Information.
If you’re working from home, you may have a hard time keeping all of your tax essentials close by, but if you organize them in a way that is easy to locate and understand, you’ll have a much easier time making sure that they are in order.
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A good place to start is putting everything related to taxes in one place. Trust us, this will save you so much time!
A simple Canadian income tax calculator (for Canadian tax filers) will show you how much tax you will owe and when you pay it, and it can help you plan for your year.
3. Figure Out If You Are a Dependent of Someone Else.
If you’re a student and your parents provide you with any financial support, this may mean that you can be claimed as a dependent on their taxes.
If this is the case for you, then it’s important to know that your parents should start gathering their information earlier than you should.
They’ll need to know which forms they need to keep and how to fill them out thoroughly so that the IRS will accept their claim.
This way, when tax time comes around, they can just hand all of their information over to you and make your job a lot simpler!
4. Determine Your Filing Status.
You may be eligible for filing your taxes as an individual, or you may be able to file as a single or married individual. If you think you qualify to file using this method, start trying to decide which one is the best option.
For example, if you are in an employer-paid health plan and your boss pays most of your medical expenses, then it may be beneficial for you to file as single in order to save on taxes. This way, you will only need to pay the taxes on the money that you earn in retirement; no more hassles!
5. Read Your Return.
After you’ve finished filing your taxes, it is best to read through them not only to see if everything checks out, but also so that you understand what was filed on your behalf.
If you don’t understand something or feel like something doesn’t look right, don’t be afraid to give the IRS a call or ask for help from someone who knows what they’re doing!
6. Give Yourself Enough Time to File.
Hopefully, you’ll be done with all of your paperwork by the time tax season rolls around, but if you wait until the last minute to file your taxes, you’re likely to miss important deadlines and increase your stress levels.
Try giving yourself at least two months to gather all the documents that you need. If you require more time or are filing for an extension, then start working on this as early as possible!
Conclusion
There you have it: six tips that will help to make filing your taxes a lot easier and more exciting. It’s important to not let the stress of taxes get to you too much.
It may be an exhausting process, but there are ways to make filing your taxes easy and painless! Stay organized and on top of things, and the whole process will go by quickly!
Image Credit: tips for first-time tax filers by twenty20.com
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