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.