If this is your first tax season as an independent adult, you might feel a bit overwhelmed. Luckily, there are simple steps you can take to make the process a breeze. For the best results, follow the tax planning tips below.

A Young Adult's Guide to Filing Taxes

1. Gather All Your Documents

To properly file your taxes and claim any eligible deductions, you need to have adequate paperwork to back up your earnings and spendings. This may include W-2, W-4, 1099, or 1040 forms. It might also include receipts from expenses you incurred throughout the previous year if you believe they'll help you claim certain expenses.

2. File Early

The deadline for filing taxes is the same every year: April 15^th. Missing this deadline could lead to unwanted fees, so aim to get all your paperwork in as soon as you receive your forms back from your employer. Filing early will give you adequate time to ensure all the documents are accurate and that you aren't missing anything crucial. This will also help you receive your tax refund as soon as possible. 

3. Make Your IRA Contributions

After April 15^th, the second-most important deadline for you to remember is the IRA contribution drop-dead date: April 18^th. These tax-free accounts allow you to put money toward your retirement fund. Furthermore, any contributions made are eligible for tax deductions. The maximum you can contribute is $5,500, so if you have the means to stow away a little extra this year, tax planning experts recommend you do so. 

If you need tax planning assistance this season, turn to Cloyd & Associates PSC in London and Corbin, KY. They will walk you through the process to ensure complete compliance. Visit their website for more information on their services and call (606) 864-8110 for their London office or (606) 528-8776 for their Corbin location.