How to File Taxes for the First Time


If you are a first time filer, then it is important that you know how to file your taxes so that you don’t have any problems when it comes to filing them.

If you do not understand what you need to do in order to file your taxes properly, then you might find yourself having to pay more money than you should be paying.

You can avoid this by learning about what you need to do and how to file taxes correctly. By doing this, you will save yourself from spending too much money on your taxes.

The following article contains some of the information you may want to consider before you start filing your taxes – plus, simple ways on how to do it.

So, let's take a look at filing taxes in more detail.

Table Of Contents

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Different Types of Forms 

Before you begin filing your taxes, you should learn about the different types of returns that you can use. There are two main types of returns: the 1040EZ form and the 1040A form. 

1040EZ Form

This is the most common type of return used by people who have no dependents or children. This form is also known as an Individual Income Tax Return (ITR). The IRS uses this form if you have $1,000 or less in income each year.

1040A Form

This is the other type of tax return used by people with dependents. It is referred to as a Married Filing Jointly Return. You must complete this form if you have one or more children.

You can also choose between using the standard deduction or itemized deductions. If you decide to use the standard deduction, then you will only have to report the amount that you earned over $12,200.

If you decide to itemize your deductions, then you will have to calculate how much you spent on certain things such as medical expenses and mortgage interest.

Also read: Change My Direct Deposit Information With The IRS

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Other Things to Consider

You will also have to figure out how much you owe in federal income taxes. This includes both withholding and estimated payments.

When calculating your withholding, you will have to subtract the amount that you expect to receive back from Social Security and Medicare.

After you have calculated your withholding, you will need to determine whether you will be getting an advance payment.

Advance payments are made because you cannot afford to pay your taxes until they arrive. If you are going to get an advance payment, then you will need to fill out Form 6251.

After you have determined whether you will be receiving an advance payment, you will need to calculate your estimated tax payments. You will need to multiply the number of withholding allowances that you received by 25 percent.

Then you will have to multiply this by the total amount that you earn. In addition, you will need to multiply this by 0.6 percent.

You will then divide this by 12. If you are required to make estimated tax payments, then you will have additional payments added onto your return.

If you are planning on making estimated tax payments, then the IRS requires that you send these payments within 15 days of filing your return.

After you have sent your estimated tax payments, you will need to wait 30 days before you can request a refund.

If you are planning on making advance payments, then you will want to do so before you file your return. If you fail to make advance payments, then you may end up owing more money than you expected.

Also read: Get A Tax ID Number 

Filing Your Tax Return Online

To file your tax online, go to this website. Once there, click on “File My Federal Income Tax Return”. Then follow the instructions provided.

Once finished, you should review your return. Make sure everything is accurate and correct. If there are any mistakes, then you should contact the IRS immediately.

When you file your return, you should sign it under penalty of perjury. You should also include your social security number with your signature. If you forget to include your social security number, then you will not be able to claim any benefits that you are entitled to.

When you file your return, make sure that you attach all the necessary documents. For example, if you are claiming child care credits, then you will need a copy of your children’s birth certificates. If you are claiming the Earned Income Tax Credit (EITC), then you will need proof of your earnings.

You will also need to provide information about your dependents. The IRS has special forms that you can use to collect this information.

You should also take time to look over your return. Make sure that everything is correct and that you did not miss anything.

Once you have filed your return, you will receive a 1099-INT form from the IRS. This form shows how much interest was earned on your savings account during the year.

Also read: Is Health Insurance Tax Deductible?

Can You File Taxes in Person?

Yes, you can file your taxes in person at one of the many IRS offices throughout the country. However, it is recommended that you file online instead.

There are several reasons why you should consider doing so. One reason is that it makes things easier for you. Another reason is that you can save yourself a lot of time.

Another benefit of filing online is that you can get access to free e-filing services. These services allow you to file your returns electronically without having to pay a fee.

There are also numerous advantages associated with filing your taxes online. Some of these advantages include:

  • Online filing allows you to avoid paying fees for paper copies or postage.

  • Filing your taxes online gives you the opportunity to view your return at any time.

  • You can print out your return as soon as it is ready.

  • You can see whether you owe additional amounts by viewing your balance sheet.

  • You can easily change your address, phone numbers and email

Also read: Tax strategies for high-income earners 

tax return

Where Can You File Your Taxes?

There are many different places where you can file your taxes. Many people choose to go online to file their taxes.

However, you might find that you prefer to speak with someone face to face. Either way, you should know what options are available to you.

Many individuals choose to mail in their returns. You can either use a self-addressed stamped envelope or simply drop off your return at your local post office. If you decide to mail your return, then you will need to pay postage.

If you live in one of the 50 states, then you can visit your state’s department of revenue website to determine where you can file your returns. These websites often offer free services such as e-filing.

Some individuals prefer to use an accountant or financial advisor to prepare their taxes. A good accountant can save you a lot of time and effort. They can also help you understand all the deductions and credits that you qualify for.

Also read: Is Rent Tax-Deductible? 

Final Thoughts

Taxes can seem complicated at times. Fortunately, there are plenty of resources out there that can help you learn how to file your taxes correctly.

When you follow these instructions carefully, then you will be able to get through tax season without too much trouble!

Our pay stub generator allows you to create pay stubs in a simple and easy-to-use manner. Which can help massively in terms of filing taxes.

Frequently Asked Questions

Yes, you can file your business taxes online using the IRS e-file system or through an authorized e-file provider. This is a fast and secure way to submit your tax returns.

Yes, you can request an extension by filing Form 4868 for individuals or Form 7004 for businesses. This will give you an additional six months to file your tax return, but you still need to pay any taxes owed by the original deadline.

You can pay your business taxes online using the IRS Direct Pay system, by credit or debit card, or through the Electronic Federal Tax Payment System (EFTPS). You can also mail a check or money order to the IRS.

To calculate your business's taxable income, subtract your total business expenses from your total business income. This will give you your net profit or loss, which you report on your tax return.

Hiring a professional, such as a certified public accountant (CPA) or tax attorney, can save you time and help you avoid potential mistakes. It's particularly beneficial if you have a complex tax situation, multiple businesses, or significant deductions.

Common tax deductions include office supplies, business travel expenses, employee wages, and advertising costs. You can also deduct the cost of business insurance, retirement plan contributions, and interest on business loans.

You typically need Form 1040 for individual income tax, Schedule C for sole proprietors or single-member LLCs, and Form 1065 for partnerships or multi-member LLCs. Corporations file Form 1120.

If you make a mistake on your business tax return, you can file an amended return using Form 1040X for individuals or Form 1120X for corporations. It's essential to correct any errors promptly to avoid penalties and interest.

You will need income statements, expense records, payroll information, and any relevant tax documents such as 1099 forms and W-2s. It's essential to keep accurate and organized records throughout the year.

The deadline for individual tax returns (including sole proprietors and single-member LLCs) is generally April 15. Partnerships and multi-member LLCs have a deadline of March 15, while corporations need to file by April 15 or the 15th day of the fourth month after the end of the fiscal year.
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How to File Taxes for the First Time
Samantha Clark

A Warrington College of Business graduate, Samantha handles all client relations with our top-tier partners. Read More

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