Tax season is stressful for almost everyone, but if it’s your first time? It can be that much worse. Instead of feeling overwhelmed as you wonder where to start, don’t get intimidated. Doing your taxes can take up a lot of time, but it’s not as hard as you might think.
The three main options for filing a tax return are to fill out IRS Form 1040 or Form 1040-SR by hand and mail it, use tax software to file the form electronically, or hire a person to prepare your taxes. There are a lot of factors that go into whether or not you have to file, but you might want to do it either way. You could qualify for a tax refund, and who doesn’t love getting money back?
No matter who’s doing your taxes, make sure to get all your information ready, like your W-2 and your tax-deductible expenses. Then make sure you’ve got the right federal and state forms to fill out! If you’re filing electronically or with a person you’ve hired, it’ll be easier, but it’s always good to double-check.
If this is your first time doing taxes, or your situation has become more complicated, relax! Just start early so you have plenty of time to make sure you get everything right. If you have the money to hire someone to prepare your taxes for you, that is of course the easiest option, but not necessary.
Whether you’re a student doing your taxes for the first time, you’ve just started a business, or there are other changes in your finances, filing your tax return doesn’t need to be a stressful accomplishment. With a little preparation and research, you can file your own taxes without too much hassle, and not only survive, but thrive!