4 Easy ways to file Income Tax for the First Time

December 6, 2022by admin
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The first tax return is a major milestone for any taxpayer, especially the young one who is filing for the first time. In the past, your parents may have done your taxes for you, but now it’s your turn to take care of your finances and file your own tax return.

To help you navigate the process, here are some quick tips on filing taxes for the first time.

 

How much do you earn? Keep an Eye on it!

Expecting a refund? File your tax return immediately. In January, February, and even March you can still receive important tax documents in your mailbox, by email, or online.

Documents you require include:

  • W-2
  • 1099 forms
  • Tax forms detailing other types of income
  • Tax deductions and receipts.

If you file your tax return without using one of these forms, you may need to amend your tax return later. Take a minute and think about everything you did last year that might have an impact on your taxes. This may include:

  • Job change
  • New savings account opening
  • Stocks’ selling
  • Mutual funds
  • College or University fee payment

 

Keep Receipts

Keep track of tax-related paperwork throughout the year to make your life easier during tax season. It is better to save receipts for things like charitable donations, working expenses, and medical payments.

Also, save student loan or investment bills and any grant. Keep them handily organized. It simplifies the process. You must retain your records even after filing the tax.

 

Whether your parents can claim you as a dependent or not – Decide it

Tax-related deductions and credit tax deductions can increase your refund and lower your overall tax bill. Ensure you take advantage of all the benefits you’re entitled to. Some common tax deductions and credits for first-time applicants include;

  • Education credits
  • Standard or individual deductions
  • Earned Income tax credit
  • Working from the home deduction in case of self-employed

Worried about researching the rules for claiming tax credits and deductions? Don’t worry! We are here to help. We’ll ask you simple questions to help you claim the tax credits you’re entitled to have. At FAPL, you’ll get accounting and bookkeeping help at convenient rates.

For more info, visit our site https://fapl.com.pk/

 

E-submission of tax

Today you can do almost anything from paying your bills to filing taxes online. Using FAPL services, you can simplify the tax return process more conveniently by walking you through a series of questions, filling out the correct forms, and helping to ensure you’re claiming all the correct credits and deductions.

If you choose to file your tax return via email instead of printing it out and mailing it to the IRS, you don’t have to worry about correct postage or queuing at the mail.

IRS appreciates taxpayers submitting their tax returns via e-file. They often receive their refund in less time. You can often get your tax refund even faster by having your tax refund deposited directly into your checking or savings account.

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