Tax Tips For First-Time Filers

Published on Thursday, 09 February 2012 12:42 Written by Investopedia

Filing your taxes for the first time may seem like a daunting task, but fear not! Several free resources are available - both online and within the community - that can help you prepare an accurate return in a timely manner. Here are a few tips designed to help you file your tax returns!

TUTORIAL: Personal Income Tax Guide

Gather Your Documents


You will need your Social Security number (as well as those of your dependents, if you have any), mailing address or bank account details, and most importantly, you will need to know how much money you earned in 2011 and how much of your income was withheld by federal and state governments. For many people, income and tax withholding information can be found on form W-2: Wage & Tax Statement. Your employer should have this form send to you by Jan. 31, 2012, so look for it in the mail or at work.

Of course, not everyone will receive W-2 forms due to the nature of their employment during 2011. For example, those who earned income via freelance work might receive a Form 1099-Misc: Miscellaneous Income, whereas those who were unemployed and received unemployment compensation might receive a 1099-G: Certain Government Payments. Have a look at the list below for a few examples of other types of forms where income and tax withholding data is reported.

Click Here to Continue Reading Tax Tips For First-Time Filers on Investopedia.com

© Investopedia.com  Copyright 2011, Investopedia US, a ValueClick Company. All rights reserved.