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Tax Filing Tips For First Timers

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If you’re a first-time tax filer, in some ways life will be made easier as young adults are less likely to have complex financial circumstances that would result in hundreds of pages of tax documentation, but it can still be a stressful, time consuming period in life. So, here are a few commonly asked questions and tax filing tips for students and young adults who may be filing their taxes for the first time: – PowerPoint PPT presentation

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Title: Tax Filing Tips For First Timers


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Tax Filing Tips For First Timers
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  • If youre a first-time tax filer, in some ways
    life will be made easier as young adults are less
    likely to have complex financial circumstances
    that would result in hundreds of pages of tax
    documentation, but it can still be a stressful,
    time consuming period in life. So, here are a few
    commonly asked questions and tax filing tips for
    students and young adults who may be filing their
    taxes for the first time
  • Do I have to file taxes at all?
  • The answer to this question rests upon your gross
    income, your status when filing, your age and
    whether you are a dependent. If your status is of
    an

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  • unmarried dependent student, and your earned
    and/or unearned income exceeds a certain limit,
    then you must file a tax return. Unearned income
    can include interest, dividends and capital
    gains.
  • If you are classed as a dependent, you cannot
    claim tax exemptions
  • When your parents or legal guardians file their
    taxes, its important to know whether your status
    is as a dependent. The Internal Revenue Service
    or IRS, state that a dependent must be a
    qualifying child or a qualifying relative who
    meets certain conditions, some of which include
    age, income or student status.

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  • If you are classed as a dependent, then you are
    not permitted to claim any exemptions when you
    file your own taxes, even if your parents or
    legal guardians dont claim them either. Most
    students of the age where they are attending
    college are classed as dependents, and therefor
    cannot claim their own exemption.
  • Check your mailbox
  • Come January 31st, you may see your tax forms
    arriving in the mail, and they should include a
    W-2 form from your employer and/or a 1099-MISC
    form from any company in which you were employed
    as a contractor. You may also receive

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  • other forms for interest and dividends earned in
    bank or investment accounts that are above 10.
    All forms will be related to income, and in the
    case of young taxpayers, they will relate to
    education costs.
  • Tax breaks may be available to you
  • There are standard deductions for single filers
    of up to 6,350 and if youre a married couple
    who are filing jointly, then it rises to 12,700.
  • Some deductions may even be available without the
    need for itemizing, such as up to 250 for
    teachers who have unreimbursed classroom expenses.

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  • Dont forget about your state taxes
  • State tax returns are due at the same time as
    federal taxes, and as the laws can vary greatly
    from one state to the next, there may be tax
    breaks available to you that were not there on
    your federal return, such as those related to
    home ownership or vehicles.
  • Dont procrastinate!
  • Whether youre a first-time filer or an old hand,
    timeliness is next to Godliness! Make sure all
    your forms are correct to the best of your
    knowledge well in time of the deadline, to ensure
    that youre not left floundering at the last
    minute.

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  • And, if all this seems too stressful for you, no
    matter how many times youve filed your taxes,
    simply seek professional help in the form of a
    tax consultancy firm and youll be sure to file
    accurately, in a timely manner and receive all
    the deductions available to you.
  • At Heyer Associates, we proactively assist our
    individual and small business clients in meeting
    their goals. Our key area of focus is ensuring
    that our clients remain compliant with federal
    and state tax laws by providing them with high
    quality accounting and tax service Coral Gables.
    If you are looking for individual tax preparation
    in Miami, Heyer Associates would be a right
    option.
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