The first time fillers of tax return


 If taxpayers are filing a tax return for the first time, we can help.

What taxpayers will need to prepare to file a tax return:

Taxpayers who do not have or are not eligible for a Social Security number can use an Individual Taxpayer Identification Number.

Wage and income information is usually on forms from their employer or other payer, such as Form W-2, Wage and Tax Statement and the Form 1099 series.

Taxpayers need to know if another taxpayer, such as a parent, plans to claim them on a separate tax return. If they are claimed as dependent on another tax return, they cannot claim themselves as dependent on their own tax return.

With the increased standard deduction, itemized deductions may not be necessary. All credits and deductions are subject to IRS verification and review.

First time filers over the age of 16 can enter "0" as their prior year income to sign their tax return. Taxpayers who have filed before should use the AGI from their prior year tax return.

If taxpayers get a refund, they need this information to have their refund direct deposited. Direct deposit is the fastest and safest way to get their money.

First time fillers



Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think about after they get married:

Married people can choose to file their federal income taxes jointly or separately each year. For most couples, filing jointly makes the most sense, but each couple should review their own situation. If a couple is married as of December 31, the law says they are married for the whole year for tax purposes.




Comments

Popular posts from this blog

The Installment plan with IRS

Individual tax return for remote work

Farmers and Fishers to avoid any estimated tax penalties