Tax Season 101: How to File Taxes for the First Time0
You’re heading into your first tax season. From finding your tax bracket to using tax forms, learn how to file taxes for the first time.
There were over 1.76 trillion dollars estimated revenue in individual income taxes in 2019. This fact conveys how much money goes to the IRS and why tax season is important to any working individual.
But if you’re unsure of what to do as an employee or someone who is self-employed, then you might be unsure of how to go about tax season.
That’s why it’s important to know how to file taxes for the first time so you don’t get in trouble with the IRS and you don’t have to file again.
Here’s everything you need to know to file taxes for the first time.
Before you file, you need to check who’s filing. You need to see who’s made income if it’s just you or your spouse. You also need to see if you’ve made enough in a year to file for a tax return.
You may need a 1040 form depending on your income and your status. A lot of states require you to file if you made over a certain threshold such as over $10,000.
You can find more information on first-time tax information on paystubs.net, which is an excellent resource when it comes to tax season.
Look at Deductions
Deductions can be huge when it comes to your tax return.
This is why it’s important to track receipts, mileage, and expense transactions. You may be able to lower your taxes and receive a larger refund.
Know What Form You Need
You should also know if you need a W-2 or 1099.
Employers usually send W-2s by January 31st of the new year, which can help you file your taxes. In fact, it is not required to file taxes unless you have a W-2 from each employer.
When it comes to 1099, companies are not obligated to send that form if the employee made less than $600 that year.
This is why it’s important to track how much you make with some employees, either as someone who does gig work or someone who does full-time gig works for businesses.
Most importantly, you need to keep track of everything work-related because it can help you navigate taxes and the forms you need.
Just remember, you have until April 15th to file taxes. Now is the time to read and be prepared on what to submit in terms of taxes in order for you get the most out of your return.
How to File Taxes for the First Time Can Be Easy
Tax return season can be a real headache, especially if you don’t know what to do.
Not filing correctly can lead to a lot of problems and may cause you to file for another return if you did it incorrectly.
While filing taxes can be complicated and messy, you now have a better idea of how to file taxes for the first time. You can be a pro doing it.
For more information on taxes and how to file correctly, visit our website.