Are you filing taxes for the first time? Following Tips may help you:

• You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive. Please click here to get more info.
• Even if you are not required to file, you should file to get a refund of any federal income tax withheld or to take advantage of the tax credits you may be eligible for.
• Use Tax Checklist to see what documents you need and where you can get/find these documents.
• Understand your taxes and Tax terminology- The difference between Credit and Deduction, Income and Expenses, Gain and Loss.
• Get a good Tax Advisor – Filing Taxes is not an easy Task. Though there are many online software available, they often calculate taxes as you answer them. If you did not answer them properly then your taxes can be calculated far different then what they should be. This will result in less refund or you may owe taxes.

Good to Know:

• Be sure to chat with your parents or anyone else who can claim you as a dependent first. Only one person can file for you. So, be sure to let your parents know that they will no longer be able to claim you as a dependent if you’re filing on your own this year.
• But don’t forget to file your state taxes also! You can wind up getting back a few extra bucks this way.
• File all of your paperwork away for next year, including receipts and any other documentation. Sometimes you’ll need the previous year’s information to file for the current year. Having this handy will save you a lot of time and trouble. Also, you could need it in the event you’re ever audited in the future.
• If you can’t file on time, file an “extension”. It’s free, easy and it keeps you from paying a penalty for being late.
• Filing electronically and having your refund deposited directly into your account is the fastest and greenest way of getting the whole thing over with, and saves weeks of waiting time if you’re lucky enough to get a refund.