Tax filing season can be a stressful time for any individual, but first-time filers may face even more angst about completing a return. The excitement about landing a position and earning your own income can be quickly erased when you begin receiving a paycheck and realize the amount you make and what you bring home differ - sometimes considerably. This same feeling has the potential to arise when filling out your tax return in order to report the preceding year’s earnings, but it doesn’t have to be this way.
By understanding your withholdings and planning throughout the year, depending on your job, steps can be made to ensure that the tax you are responsible for is being paid. Instead of being stuck with a big bill, many first time filers will receive a refund. In fact, a majority of Americans receive tax refunds
but there are still a few tips for first-time filers to consider.
Gather Your Information
Begin collecting the necessary forms for filing as early as possible. Whether it be through the mail as a W-2 arrives or receipts over the year, keeping a file dedicated to anything with a potential influence on your tax return can be extremely helpful.
Ensuring that you cannot be claimed as a dependent by someone else is important for both involved parties when filing a return, since anyone who files on their own may not be reported by another individual or couple. Dependents typically received some assistance from the claiming party, but if you supported yourself throughout the majority of the year then filing your own return is likely the correct move.
Once you’ve determined that taxes need to be filed, the status of your return may also be in question. Most first-time filers will likely choose SINGLE, but some could be MARRIED FILING JOINTLY/SEPARATELY, or HEAD OF HOUSEHOLD. Your personal situation will determine which status is appropriate for your return.
Ask for Assistance
Seeking help from a professional could also help to reduce any stress involved during the filing process. Not only will you have someone there to answer all of your questions but they can also assist in making sure that you are receiving any available credits and deductions that are due.
Once you’re ready to file a return or if you have any other tax related questions, then let the tax professionals at Bloch Rothman and Associates
assist you today. In addition to providing answers for your questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a top quality tax service, our group can also complete all types of returns and get answers to any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!