Any first-timers out there?
If you grew up watching your parents get stressed around tax season, then you’re probably not looking forward to filing yourself for the first time.know the answers to: How much do I owe? Will I get money back from the government? Do my parents still claim me as a dependent? What is a W-2?
Well, don’t worry, because we are here to make your first time filing taxes just a little easier by giving you some tips.This piece of advice won’t teach you how to do your taxes, but it’s a helpful reminder that the sooner you start getting your papers together, the easier it will be once you decide to file. Remember, you have until April 18.
You can also prepare by getting advice from adults who have done this many times, like your parents or a tax professional.Knowing your status on whether your parents claim you or not will determine how you file your taxes this year. According to , dependents cannot claim any exemptions when filing their own taxes, even if their parents do not claim them. Most college-aged students fall into the dependent category, so they cannot claim their own exemption.Being a young person has lots of advantages, and not paying to file is one of them. As long as your annual household income isn’t more than $73,000, you are eligible for the
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