What First-Time Tax Payers Need to Know

 Taxes are complicated, especially if you’re doing it for the first time. There are so many codes, rules, and regulations that can make it difficult to feel confident that you have it right. When you throw in the potential to be audited, it can be very intimidating. Don’t let the fear get you down – we’re here to help.

Here are some key things to know when you’re filing taxes for the first time.

 Start with the 1040EZ form – This is one of the easiest forms available for first-time taxpayers. It’s only applicable for the average first-time taxpayer: a single person or married couple with no dependents. It’s best to start here with this form.

Be smart about your documents – Read everything on your W-2 and other tax documents – from labels to boxes, make sure you know exactly what’s being covered on the documents. If you were to get audited, the IRS won’t forgive you for ignorance. It’s also a great knowledge base if you’re starting out. These documents are your best resource. The more you know, the savvier you’ll be.

Get support – It’s important that you get your work double-checked or work alongside a tax professional. Try filling out your taxes first, and then bring to a tax preparer for review. This way you can give it a shot yourself but learn from tax experts what you did right, and where you can improve upon your return. It’s always important to get support for something a serious as a tax return.

 A Few More Tips to Get You Started…

Above all, remember that you’re not alone. Ask a friend or a professional for help when possible. It’s also important to take an interest in what you’re doing as it’s now a huge component of your financial life. Finally, proofread as much as you can – one mistake or one digit off can be a disastrous result.