Filing taxes is rarely easy. For those undertaking tax return preparation for the very first time, the process can seem highly complex—and one’s instinct may be to put it off until the last minute. However, when doing so, you run the risk of making more mistakes and possibly earning fees as a result. The guide below explores tips for simplifying your return.

What Should I Know When Filing Taxes for the First Time?

1. Make Sure You Have All Relevant Forms

Younger adults tend to work a variety of odd jobs, perhaps even some freelance work. Therefore, make sure you have all your W-2s and 1099s on hand when starting tax return preparation. These documents, which should have been mailed by your employers around January, list the income you made last year and the amount that was withheld—information you will have to reiterate on the tax forms. Although, it is worth noting that those who made less than $12,000 total in the previous year, not as a self-employed worker, do not have to file at all.

2. Approach Deductions Carefully

Deductions help lower the financial burden related to tax return preparation. However, if you are still being claimed as a dependent on your parent’s taxes—a status that college students may retain up to the age of 24—you are not eligible to claim any. However, those filing independently should make sure to take advantage of every opportunity. For example, you can get a tax break on applicable educational credits and money that you are spending repaying student loans.

3. Look Over the Return Before Submitting

While small mistakes should be easy to fix, they could end up delaying your refund. For example, make sure the return is signed and dated before sending it off. Even if you file electronically, double check all of the figures. It’s very easy to transpose a number or add up figures incorrectly, and this can have a huge impact on your taxes. Check and re-check for your own peace of mind.

Is the process of tax return preparation still overwhelming? Turn to the professionals at Hill & Associates CPA's in Lincoln, NE. These skilled accountants will use their exacting knowledge of tax law to ensure you’re making the most of credits and deductions. Alternatively, they can help you request a six-month extension so you are less likely to incur a late filing fee. Schedule a consultation today by calling (402) 489-9300. Learn more about tax return preparation and other services by visiting the website.