Doing your taxes on your own for the first time? These 5 tips make the whole process easier. 💸💸💸
For young adults who are about to file tax returns for the first time, the prospect can be intimidating to say the least.
For first-time filers, some of what they learn now won't apply next year: 2017 tax returns are subject to laws in effect before the massive congressional tax bill took effect Jan. 1. With few exceptions, the tax changes created by the legislation will apply beginning with your 2018 returns. You also might receive other 1099 forms for interest and dividends above $10 earned in bank or investment accounts.
There are a couple of education credits available to taxpayers, and various information on this form helps determine whether you can benefit from one of the credits. Like the deduction for student-loan interest, these credits are available even if you don't itemize your deductions. Another way to reduce your taxes is to contribute to a retirement account. Although 2017 has ended and most tax moves should have been made by Dec. 31, the IRS gives you until tax day to make tax-deductible contributions to an individual retirement account.
Some breaks could be related to, say, vehicle or homeownership, while others could be tied to specific jobs.This year's tax-filing deadline might seem far away right now. That's a good thing: At this point, you have time to review all your forms for accuracy.
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