Let’s be honest, nobody wants to pay taxes but it is just one of those things that needs to be done. As a recent college graduate, my dad has always done my taxes for me. I know that many graduates are in the same situation as I am: what do I do now?
Here are some tips that might help you get through your first round of taxes:
1. Ask for Help – Your parents, friends, or other family members are not going to say no if you ask them for help with filing your taxes. If you are confused it is better for you to ask someone to walk you through them your first time instead of doing it wrong and continuing to do it wrong in the years to follow. Ask if you could sit down with someone while they do their own taxes (yes, this may be extremely boring but you will learn a lot).
2. You Don’t Need to Pay Someone – My friend paid someone a few years ago to help her with her taxes and realized it was a huge waste of money since everything got messed up. Don’t leave your taxes to someone else. Turbo Tax can be extremely helpful and gives you step by step instructions on what to do. I’m not saying that paying someone will end up poorly for you, but if you are trying to save some money then try doing your taxes by yourself first.
3. Don’t Try to Skip Out on Taxes – It won’t help you in the long run to avoid paying your taxes. If you get paid in cash under the table and do not get taxes taken out, you don’t want to try to avoid filing your earnings with the government. Yes, some people may slip through the cracks, but there is a chance that you may not and the consequences may be more than you want to pay. According to our partners at MainStreet.com, more than 50% of taxpayers will be audited during their lifetime when it comes to their taxes. Don’t take risks or try to find loopholes because you could be one of these people!
4. Consider All Your Options – There are so many ways that you can get some money back on your taxes. In an article at MainStreet.com, Sean Leviashvili explains all the areas that you should consider while filing for your taxes such as your 401(k), property taxes, and charitable contributions. Check out the article here for more information about how these and other areas can help you save money on your taxes this year.
Taxes won’t be fun so doing it for the first time might be a little bit stressful. Nobody likes doing their taxes (except for maybe those that do them for a living) but it is something that needs to be done. Check out some advice from our Geezeo users in the Grim Reaper: Death, Taxes, Wills, Lawsuits, etc. group!
Photo: Aldo Garza
