Starting your first job after college and making your own money is exciting. Paying taxes — not so much. Here are a few tips to help ease the pain.
Often you won't know in advance if you are due a refund or have to pay taxes, and how much — your income, tax laws and other factors are constantly changing. So, even if you got a refund last year, it doesn't mean you'll definitely get one this year. And there's no guarantee your refund or taxes due will be an amount similar to last year's. You might get back less or owe more.
The reason is that there are a lot of pieces involved in filing your taxes — forms you have to have, numbers you need to know. So, by starting early, when your forms come in, that gives you time to find all the pieces, seek professional help if you need it and get your taxes in on time. Keep in mind that you are responsible for reporting all sources of income, including money you made from part-time jobs, side hustles, and investments.The tax-reporting process is different for employees and independent contractors, so it is important to understand which category you fall under.
Before filing your tax return, make sure to ask your parents if they are claiming you as a dependent. If this is the case, you will need to indicate that you will be claimed as a dependent on somebody else's returns when you file your return.If you live in a state that has state taxes, you will also have to file a state tax return in addition to your federal tax return.
Make sure you know everywhere you are required to file a tax return. If you work for a company, you can ask someone in the human resources department.
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