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Tax Tips for First Timers

Tax Tips for First Timers

If you’re a new grad or a first-time tax filer, you may have no clue where to start when it comes to your taxes. Even if you’ve filed before, you may need a refresher because let’s face it…taxes are complicated.

Luckily, e-Filing and helpful software has made things a bit easier to navigate over the years, but most of us may never feel like we totally understand all the ins and outs of tax season. That’s why Clearview partners with Intuit TurboTax to provide discounted tax preparation software and resources to Credit Union members.

TurboTax makes it easy to file for the first time from your smartphone, tablet or computer. And with many companies offering digital W-2 forms, you may never have to pick up a piece of paper or pencil, which comes as a relief to many young filers.

Here’s how it works:
 
In a recently updated post entitled Filing Taxes for the First Timer, TurboTax shared a lot of great information for first timers and anyone who feels slightly overwhelmed this time of year:

Atlanta-based Cora Parks, author of the blog TaxToday, said first-time filers need to see if they received enough income for the tax year to trigger the filing requirement.

According to the TurboTax post, “Filing doesn’t have to be complicated for newcomers. Because most first-timers are dependent-free and not bogged down with various claims, they’re eligible to use the Internal Revenue Service’ s Form 1040EZ. Single and married filers may use this two-page document if they meet all of the seven requirements detailed on the back of the one-sheet form. Among those requirements: Your taxable income must be less than $100,000.

Regardless of whether or not you are required to file, you may want to do so, because if your employer has been withholding taxes, you may be owed a tax refund.”
 
Check out the full post at turbotax.intuit.com to finish preparing, and then take the plunge to get started. With the right tools and a little background knowledge, you’ll be dreaming of ways to spend (or save!) your refund in no time.

*Clearview is also participating in the IRS Volunteer Income Tax Assistance (VITA) Program. Check out our previous VITA blog post to see if you quality for free assistance with preparing your returns.
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