If you’re a first-time filer, tax preparation probably seems overwhelming. With a little advanced planning and a lot of organization, though, your first tax return will be ready to file long before the April 15 deadline. Here are a few tips for getting started. 

How to File Your Taxes 

1. Gather Essential Documents

In order to complete Form 1040, which is the standard form used to report income, claim credits, and take deductions, you'll need a number of documents. While you should get most of them in the mail, you may have to track down a few missing items.

Essential documents include W-2s and various 1098s and 1099s. If you have student loans, for example, you should receive a 1098-E, which states the interest you paid over the course of the year. Should you choose to itemize, you can deduct up to $2,500 of this interest.  

2. Consider All Applicable Deductions 

The standard deduction for a single taxpayer in 2019 is $12,200. If your applicable deductions exceed this amount, you'll want to itemize. This will allow you to maximize your potential refund.

Some of the most common deductions include medical expenses, retirement account contributions, gambling losses, child care fees, work-related expenses, and education expenses. After totaling all such expenditures for the past year, you’ll know whether or not to take the standard deduction. 

3. Consult a Professional 

It’s wise to turn to a CPA for help the first time you file your taxes, even if your financial situation is fairly simple. In addition to maximizing your deductions, a knowledgeable accountant can help you implement tax planning strategies for the following year, thereby getting you off to a positive start with the IRS.

Once you gather all the documents you’ll need to file—you should receive everything in the mail by the end of January—make an appointment with a reputable CPA to ensure your return is submitted well before the deadline. 

For help preparing your first tax return, turn to Selph and Friday, CPA in Texarkana. Since 1986, this accounting firm has been serving both individuals and businesses throughout the state of Texas. When you turn to their friendly team for guidance, you can be sure they’ll personally oversee your account and respond to all inquiries promptly. To learn more about their knowledgeable CPAs, visit their website. To schedule an appointment and discuss your tax situation, call (903) 792-0281.