4 Tips for First-Time Tax Filers
For many people, tax season is a time of stress and uncertainty. If you’re a first-time tax filer in the United States, the process can be even more daunting. But don’t worry – we’ve got you covered with 4 tips to help make filing your taxes as easy as possible. But first, why should you file your taxes?
Benefits of Filing Taxes Early and What to Do If You Missed the Deadline
Well, this does not mean that you will obviously miss the deadline next year. But it is better to be prepared and know all possible information, right? That is the approach I always recommend each year.
So, the IRS tax deadline is April 18th, 2023. It usually is on April 15 of every year. But due to April 15, 2023, falling on a Saturday, and Emancipation Day falls on Monday, April 17, 2023, the tax deadline is moved to April 18, 2023.
By then, you should have filed your 2022 taxes and paid what you owe. Filing your taxes early has many benefits. For one, it can help you avoid late fees and penalties. It can also help you get your refund faster. The sooner you file, the sooner the IRS will process your return and issue a refund (if you are owed one).
For the IRS to owe you a refund, you ought to implement various tax strategies throughout the year. And, it is better to enlist the services of a trained tax professional like me to help you with these strategies. Contact me today to get started.
It is important to file taxes as soon as possible. I understand that some of you delay this process because you are not sure about the information to provide. If you are not sure about the information that you will be able to provide, contact a tax pro like me for help. The fact that you are hesitant means you really need the help.
But if you can’t file your taxes on time, there are ways to get an extension. You can submit Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. This should be done on or before the filing deadline.
The IRS website has a list of deadlines for each state and when they accept tax returns. It also provides an estimate of how long it will take for your return to be processed. There are many reasons why people might not be able to file their taxes on time, but the IRS has made it easy for taxpayers by giving them a lot of options and extensions.
Without further taking your time, here are the five tips for first-time tax filers.
1. Make sure you have all the necessary documents and information ready before you start.
If you’re a first-time tax filer in the United States, there are a few things you need to know before you get started.
First, make sure you have all the necessary documents and information ready. This includes your Social Security number, income statements, and any deduction or credit paperwork.
Second, decide whether you’re going to file electronically or on paper. There are pros and cons to both methods, so do some research and choose what’s best for you.
But, as a tax professional, I recommend filing electronically and choosing the direct deposit method to pay or receive money from the IRS. This helps you get your refund faster and without the risk of losing it if everything was to be done by mail.
2. Understand which deductions and credits you’re eligible for.
For first-time tax filers in the USA, understanding which deductions and credits you’re eligible for can be a daunting task. However, armed with a little knowledge and these five tips, you can make filing your taxes a breeze.
Tip 1: Know the basics. Before you start crunching numbers, it’s important to understand the basic concepts of taxation. Familiarize yourself with terms like “taxable income” and “deductions.”
Tip 2: Gather your documents. These documents back up your claim for deductions and tax credits.
3. Know when to file your taxes and where to send them.
If you are filing your taxes for the first time in the United States, there are a few things you should know. Taxes are due on April 15 each year. But for the 2023 tax season, they will be due on April 18 as explained in the above paragraphs.
However, taxes can be filed online or through the mail. The easiest way to file your taxes is online, but if you choose to file through the mail make sure to use certified mail so that you have proof of when your taxes were sent.
When sending your tax return through the mail, be sure to include a self-addressed stamped envelope so that the IRS can send you a confirmation once they receive your return.
4. Seek professional help if needed
If you’re unsure about how to file your taxes or believe you may owe money, it’s best to seek professional help. In fact, hundreds of thousands of taxpayers who seek professional help are left relieved that they asked for this help.
Tax professionals like me can help make sure everything is filed correctly and on time. This helps to alleviate stress and worry. First-time tax filers in particular may find it beneficial to consult with a tax preparer or accountant, who can offer guidance and answer any questions.
If you feel you need to talk to a tax professional to prepare your 2022 federal tax return, talk to me now.
Frequently Asked Questions
- How do I file my taxes myself for the first time?
To file your first tax return successfully, you need to gather all the information required. That is the best way to prepare. For example, your Social Security Cards for yourself and your dependents, Proof of Income (W2, 1099, etc.), and Child Care Expenses, if you have them.
- How long does it take to file a first-time tax return?
Filing a tax return for the first time can take a few days to a few weeks. This all depends on the type of return you are filing and whether you are an individual or a business. Complicated returns take time to prepare while simple returns (for individuals with one stream of income) take less time and are easy to prepare.
- What happens the first time you don’t file taxes?
If you don’t file your returns and you owe taxes, you may be penalized by the IRS. You may wonder how the IRS knows if you made income and should file. Well, they get information returns from third parties. For example, if you are a contractor and a certain business hires you and pays you, they will let the IRS know that they paid you. That is how the IRS knows and will expect tax from you.
- Is it hard to file taxes by yourself?
Yes, filing taxes by yourself can be daunting. That is why it is recommended to seek a tax professional’s help before filing.
- What do you need for your tax return?
You will need everything that helps you file an accurate return. This includes the following:
- Social Security Cards for yourself and your dependents
- Proof of Income (W2, 1099, etc.)
- Child Care Expenses (if you have them)
- Medical Expenses (if you have them)
- Deductible IRA Contributions (if you have them)
- Your banking details
- A copy of last year’s tax return
- Any other relevant documents (driver’s license, marriage certificate, etc.)
