Tax Tips

Tips for first time filers

Taxes are a major factor in our daily life. They must be paid. For example, as a young millennial filing your first tax return, if you are single and have an income greater than $10,000, you must file a federal return.

Make it a priority daily to collect all the Tax documents you need for taxes.

• You must collect a W-2 wage statement from each employer. If you have not received it by January 31. Make sure you locate it.
• If you still cannot find it, contact your employer to make sure it wasn’t sent to the wrong address, especially if you have moved. You need a copy.
• If you are independent contractor you must collect all your 1099 forms you have received from your clients.
• Make sure you collect all pay stubs, earnings statements and other financial paperwork in one folder.
• This keeps you organized and ready for tax time.