![\"Teen,](\"https:\/\/www.hrblock.com\/tax-center\/wp-content\/uploads\/2023\/12\/teen-taxes-resized.jpg\")
<\/figure><\/div>\n\n\nTake a minute to check out these tips and find out what you need to do to tackle this major adulting milestone like a champ. <\/p>\n\n\n\n
5 Tax tips for first-time tax filers<\/h2>\n\n\n\n
If you’re a first-time filer, it may seem intimidating to take on this responsibility. Don’t worry. We’re here to help and break it all down for you. Let’s go step by step for your first-time filing taxes. <\/p>\n\n\n\n
1 – Know if you’ll need to file<\/h3>\n\n\n\n
If you can be claimed as a dependent on another taxpayer\u2019s return and you\u2019ve had a job\u2014even a part-time one\u2014and earned more than $15,750 in the tax year\u2014you\u2019ll need to file. Alternatively, if you didn\u2019t have a job but made more than $1,350 on unearned income (e.g., interest from investments), you will also be required to file. If you don\u2019t fall into either category and area dependent, you are likely not required to file a federal tax return.<\/p>\n\n\n\n
However, if you did work and had taxes withheld, filing a return is the only way to get a tax refund. Plus, it\u2019ll serve as a lesson for filing taxes in the future. We recommend doing it. <\/p>\n\n\n\n
File with H&R Block to get your max refund<\/h3>\nFile online<\/a><\/div>\n\n\n\nFile with a tax pro<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n2 – Start the process ASAP<\/h3>\n\n\n\n
The sooner you get started on your tax return, the sooner you can receive your refund check. If nothing else, at least begin the process now so you can figure out how much time you\u2019ll need to devote to filing taxes. This means gathering all the necessary documents, perhaps talking to a tax professional, using an online tax filing program, or even just researching answers to any questions you might have. This will relieve some of the pressure when it comes to actually filing!<\/p>\n\n\n\n
3 – Gather the necessary documents<\/h3>\n\n\n\n
Aside from personal information, which you should already know or have easy access to, you\u2019ll need a W-2 form from each of your employers or a 1099 Form<\/a> if you were a contractor. These summarize the amounts paid to you over the past year and the taxes being withheld from you. The W-2 form is for employees<\/a> and must be issued by your employer no later than January 31. The 1099-NEC<\/a> form is for independent contractors and will also be sent by the January 31 deadline.<\/p>\n\n\n\nYou should also gather any additional forms that showed you spent money on a big expense (ex. education), as that should be noted in your return. Take a look at your tax preparation checklist<\/a> for more details about the tax forms and other documents you need to file taxes. <\/p>\n\n\n\n4 – Be organized<\/h3>\n\n\n\n
This is a handy tip no matter what you\u2019re doing, but it\u2019s essential when dealing with government agencies, such as the Internal Revenue Service, that may not be quick to address your concerns. Translation: Store any and every document that is related to your job, your money, and your taxes in one secure place. It\u2019ll save you time and headaches so you don’t accidentally misplace your W-2 and need to request a new one.<\/p>\n\n\n\n
5 – Take control of your money<\/h3>\n\n\n\n
There is a way to know if you\u2019ll owe money or get a tax refund. In the simplest terms possible, if you paid more taxes than the government requires, then you\u2019ll get a refund check in the mail or via direct deposit. On the other hand, if you come up short on what you’re required to pay, then you\u2019ll owe taxes. To determine how much you\u2019re paying in taxes on each paycheck, look at your paystub. <\/p>\n\n\n\n
That thing called \u201cwithholding\u201d is directly related to your money and the amount taken out of your paycheck. The more you withhold, the more money taken out of your paycheck. It\u2019ll result in less money on your paychecks, but a better chance of receiving a refund. <\/p>\n\n\n\n
Withhold less and your paychecks will be heftier\u2014but your chances of owing money come tax season will also rise. You can use our W-4 paycheck tax calculator<\/a> to estimate your refund or tax due based on your current W-4 form; this can give you a better idea of whether you are claiming the right number of exemptions for your tax situation.<\/p>\n\n\n\nIf you\u2019re an independent contractor, you\u2019ll be the one responsible for taking care of self-employment taxes and income taxes\u2014no one will withhold those taxes or send them to the IRS for you.<\/p>\n\n\n\n
Get tax help from H&R Block<\/h2>\n\n\n\n
2 – Start the process ASAP<\/h3>\n\n\n\n
The sooner you get started on your tax return, the sooner you can receive your refund check. If nothing else, at least begin the process now so you can figure out how much time you\u2019ll need to devote to filing taxes. This means gathering all the necessary documents, perhaps talking to a tax professional, using an online tax filing program, or even just researching answers to any questions you might have. This will relieve some of the pressure when it comes to actually filing!<\/p>\n\n\n\n
3 – Gather the necessary documents<\/h3>\n\n\n\n
Aside from personal information, which you should already know or have easy access to, you\u2019ll need a W-2 form from each of your employers or a 1099 Form<\/a> if you were a contractor. These summarize the amounts paid to you over the past year and the taxes being withheld from you. The W-2 form is for employees<\/a> and must be issued by your employer no later than January 31. The 1099-NEC<\/a> form is for independent contractors and will also be sent by the January 31 deadline.<\/p>\n\n\n\n You should also gather any additional forms that showed you spent money on a big expense (ex. education), as that should be noted in your return. Take a look at your tax preparation checklist<\/a> for more details about the tax forms and other documents you need to file taxes. <\/p>\n\n\n\n This is a handy tip no matter what you\u2019re doing, but it\u2019s essential when dealing with government agencies, such as the Internal Revenue Service, that may not be quick to address your concerns. Translation: Store any and every document that is related to your job, your money, and your taxes in one secure place. It\u2019ll save you time and headaches so you don’t accidentally misplace your W-2 and need to request a new one.<\/p>\n\n\n\n There is a way to know if you\u2019ll owe money or get a tax refund. In the simplest terms possible, if you paid more taxes than the government requires, then you\u2019ll get a refund check in the mail or via direct deposit. On the other hand, if you come up short on what you’re required to pay, then you\u2019ll owe taxes. To determine how much you\u2019re paying in taxes on each paycheck, look at your paystub. <\/p>\n\n\n\n That thing called \u201cwithholding\u201d is directly related to your money and the amount taken out of your paycheck. The more you withhold, the more money taken out of your paycheck. It\u2019ll result in less money on your paychecks, but a better chance of receiving a refund. <\/p>\n\n\n\n Withhold less and your paychecks will be heftier\u2014but your chances of owing money come tax season will also rise. You can use our W-4 paycheck tax calculator<\/a> to estimate your refund or tax due based on your current W-4 form; this can give you a better idea of whether you are claiming the right number of exemptions for your tax situation.<\/p>\n\n\n\n If you\u2019re an independent contractor, you\u2019ll be the one responsible for taking care of self-employment taxes and income taxes\u2014no one will withhold those taxes or send them to the IRS for you.<\/p>\n\n\n\n4 – Be organized<\/h3>\n\n\n\n
5 – Take control of your money<\/h3>\n\n\n\n
Get tax help from H&R Block<\/h2>\n\n\n\n