First time filing your taxes? This can seem like a daunting task that only real adults do. The matter of fact is that everyone has to file and there are some tips and tricks for getting it done easily!
You have probably heard your friends or parents talk about the tax return that they are waiting for. A tax refund is the money given back at the end of the financial year. This depends on your wage bracket and tax breaks, but we don’t want to get too technical.
Before you start to file your taxes, make sure that you have all of the information and documents that you will need. This will save you time once you have started. A list of documents you should have on hand are: Social security and birthdates for you, your spouse and dependents., Income statements (W-2, 1099-R, etc.), a copy of last year’s tax return, Form 1098 from your mortgage lender, interest and dividends statements from banks, and finally your bank routing and account numbers.*
Once you have all of the documentation and information needed, set up a specific time to sit down and file your taxes! Make sure to do this early on. The earlier you file, the sooner you can receive a return. Remember that you do have until April 11th, but we don’t suggest you wait that long.
Use online help to file such as Turbo Tax. This is a quick, easy and safe way to get your taxes filed. It should only take you a few hours and they will help you get the largest tax return possible.
Lastly, use your tax return wisely! Pay off bad debt, start a savings account, emergency fund or saving for retirement. Be smart with your money and good luck with filing!