Four Tips for First-Time Tax Filers

a man and woman filing their taxes
tax-filing

The idea of filing taxes for the first time can be overwhelming. However, with the right advice and tools, tax filing can be a breeze. Most first-time filers need to learn some basic things to make the seemingly daunting process much easier. Chartered tax advisors at IBISS & CO. are here to save the day. They're collated a few tips to help first-time filers get through the tax season stress-free.

Tip #1- Start Gathering Relevant Tax Information Early

It can be frustrating when you cannot locate the necessary receipts and documents you've saved throughout the year when it's time to file the taxes. Preparing your tax return can become stressful if you can't remember where the important receipts for the expenses are.

It's recommended that you take a little extra time to plan ahead and make life a lot easier by keeping track of all the necessary information. Store everything related to tax credits and deductions in a box or file in an organised manner so that you can find it easily when the time comes. Those self-employed must also save receipts for both big and small business expenses to benefit from reduced tax bills.

Tip #2- Figure Out Your Filing Status

First, determine whether you're classified as a dependent. Maybe your parents paid for over half of your expenses in the past year. If that's the case, you'd be considered their dependent for taxation purposes.

Consequently, one of you can file for dependency exemptions. Likewise, the filing status, such as filing as single, married, filing jointly, or as the head of household, has different benefits. So be sure to talk to a knowledgeable advisor to check how your filing status impacts your tax bill.

woman filing her taxes
woman-filing

Tip #3- Check Your Return

Tax preparation is much easier now than it was back in the day. However, it doesn't mean you can get away with plugging in any numbers. Read the full return and consult a professional if you don't understand anything. It will help you learn more about how specific credits and deductions can affect the amount owed or the tax refund while also helping you feel confident in this accuracy.

Tip #4- Remember To Give it Time

Tax filing is a tedious and time-consuming procedure, especially for those filing for the first time. Try to start early in the year, so you don't rush past the deadline. However, if you find yourself trying to beat the clock, self-assessment & tax returns consulting teams at IBISS & CO. are here to help.

Their attention to detail and dedication to customer satisfaction has helped them become one of the best chartered accounting firms in the UK. They will go above and beyond in helping you with inheritance tax planning, corporation tax, landlord self-assessment tax return, personal tax, non-resident landlord self-assessment capital gains tax, property taxes, and more.

Give them a call or email them to schedule a consultation.

 

 

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