First Time Tax Filer ? - Tips For the First Timer

If you just worked your first job and got that really serious looking form called a W2 - you just made it to the big league. You are now officially a tax payer. You have just begun the journey of a lifetime of a love and hate relationship with the taxman.

As scary as it it, with a little bit of help you can be on your way to preparing and filing your tax return.

As a first time tax filer, you probably have some things in your favor :
- Your income is probably limited
- You have no dependents (children)
- You have limited deductions

If these conditions are applied to you, you will be eligible to use one of the simplest forms available - The 1040-EZ. This is a single page form that you can download from the IRS website.

Here are the requirements to file this simple form :

• Filing status : You must be single or married filing jointly. If you are married, to be eligible to file Form 1040-EZ, you must file as married filing jointly ie. you cannot file separately
• Your age must be less than 65
• You cannot have any dependents (children or other dependents you take care of)
• Your income must be less than 100,000
• You must not be in bankruptcy

How to file the 1040EZ
You can download the form from the IRS website, fill in the form and mail the form.

or better ...

Go to an online tax preparation site like TurboTax or HR Block and prepare it for Free. The advantage of preparing it onine and using e-file is you do not have to mail anything to the IRS. Also the refund check will be sent to you in 2 weeks.

Want to figure out if you are getting a Tax Refund this year ? then read this article about the Tax Refund Calculator.

Once you jump in and get it done, you will realize it is not as difficult as it sounds. And you would have saved yourself some dough by doing it yourself, and you will get that boost of confidence to take care of your own taxes !

Thanks for reading this far - now here is your bonus: Read about how you can get a tax preparation discount coupon.

Good luck with your very first tax return.

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