4 Tax Tips for New Filers
Doing your taxes might not be the way you want to spend an afternoon. You might think a lot of paperwork is required, but as a new tax filer, you probably don’t even have very much paperwork and you could prepare your taxes quickly. For first-time filers, I have four tax tips to put your mind at ease.
1. Use TurboTax for Online Banking offered by your financial institution.
Using TurboTax for Online Banking will make your life easy. You don’t need to know the tax code. TurboTax ask you simple questions related to your tax situation, puts your information on the correct tax forms and gives you the tax deductions and credits you’re entitled to so you can keep more of your hard-earned money.
2. Don’t miss out on filing and getting your tax refund.
The tax deadline is just a few days away, so make sure you don’t miss out on filing your taxes. Some new filers might think they don’t make enough money to file taxes. But if you had federal taxes taken out of your paycheck or you’re entitled to credits like education credits or the Earned Income Tax Credit, you might miss out on a tax refund by not filing.
3. Make sure you have all of your paperwork.
I would say that the most common problem people have while filing their taxes is that it’s hard to keep track of all of their paperwork. As the documents come in, put them in a folder or tray to keep them safe until you’re ready to file.
Using tax software like TurboTax can help you get that information submitted accurately and in a timely manner.
One note about tip income earned on the job: If you receive tips, make sure that you report that income when you file your taxes. Keeping a daily log of your tips as they come in can take away the headache of trying to remember everything that you receive. If you keep your employer in the loop, that information should be reflected on your W-2.
4. If you have questions, talk to a TurboTax tax expert.
If you’re preparing your tax return and you have a question, don’t hesitate to talk to a TurboTax tax expert — a CPA, an IRS enrolled agent or a tax attorney. You can ask your tax questions for free.
TurboTax Health Care Eligibility Calculator
TurboTax created a health care calculator to help you find out if you’re eligible for health insurance through a state or federal Marketplace, Medicaid, or Medicare or if you’re already set with your existing health insurance plan. It will also let you know, if you qualify for a tax credit or subsidy from the government to help you purchase your health insurance.
What Is a 1099 Tax Form, and What If You Forgot to File It?
In many cases, the IRS will discover any additional income you didn’t report on your tax return or haven’t reported yet. This additional income will show up on a 1099 form. Don’t fret, because it’s never too late to file it. Let’s break down what a 1099 form is and look at some simple steps you can take if you haven’t filed it.