If you’ve never filed your own taxes before, then it can be a daunting task. All it takes is a few moments looking at all of the paperwork before your head starts to spin.
There are a variety of ways to make filing your taxes headache-free. It’s simply a matter of knowing the ropes. Here is some of the best expert advice out there to help you get started.
Use a Tax Software
Assuming that you don’t have any kind of exceptional circumstances or owe the IRS, you should consider using a tax software.
Some are offered free if you have a basic return and plan to e-file. If you opt for a more comprehensive software, then it usually ranges between twenty and eighty dollars.
There’s so much fine print and potentially unfamiliar terminology that using software makes doing your taxes much more user-friendly.
You May Not Be Required To File
The law states that anyone who makes under $12,000 a year income doesn’t have to file a federal tax return. Be sure to verify that you’re in fact over the limit. There’s no use in spending time on paperwork if you don’t have to.
However, it’s important to note that even if you made under $12,000 a year yet opted for taxes withheld on your paycheck, that you should still file. Otherwise, you’re giving your money over to the IRS when they should be paying you back.
The official tax deadline is April 15; therefore a lot of people wait until mid-April. However, it’s ideal to start well in advance.
Since it’s your first time going through the process, you’ll want to give yourself plenty of time to figure out what you’re doing.
Don’t Miss Out On Credits And Deductions
It’s important to educate yourself on which credits and deductions you may be eligible for. If you’re a student, you may be eligible for education credits which can save you thousands.
It may require a little bit of effort on your part doing your research on what’s available to you; however, it’s worth the work. You can save so much money, that the small amount of effort has a big pay off.
Don’t Forget To Sign And Date Your Return
It may seem like a basic task; however, you’d be shocked by the number of people that forget to sign and date the bottom.
By failing to remember this essential step, your return won’t be valid. Always double check your paperwork before sending it out. The last thing you want is to lose time from having your return sent back to you.
E-filing helps reduce this risk since you can’t submit it without your electronic signature.