If you’re filing your taxes for the first time, you’re most likely a college student, have your first job and probably not overly excited about it.
In fact, your parents might have been nagging you since January to file by April 15th. But let’s be honest, you don’t exactly know where to start.
All that aside, RapidTax understands and we’re here to help you through the process. If you need help filing taxes for the first time, here’s what to do.
Before Filing:
- Get Organized: Gather your W-2s, 1099s, 1098-E (this shows the interest you paid on student loans), 1098-T (tuition payments and qualified expenses), etc.
- Know Your Filing Status: There are many filing statuses; Single, Head of Household, Married Filing Jointly, or Married Filing Separately. Most likely, if your filing status may just be Single.
- The Standard Deduction vs Itemizing: Everyone who files has the option to take one of two tax deductions; itemized deductions or the standard deduction. Itemizing deductions means you will list all your eligible deductions, and the combined total is deducted from your taxable income. Most are only eligible for the standard deduction. This amount depends on your filing status.
- Are your parents claiming you?: If your parents are claiming you as a dependent, you will need to indicate it on your tax return to accurately report your tax information.
- Create a RapidTax account: RapidTax is dedicated to helping customers file as quickly and easily as possible. Once you create an account, you can get started!
Mid-Filing:
- Sign-In to your RapidTax account, enter your personal info and click “Save & Go”.
- Enter your income (from your W-2), any deductions, credits, etc.
- When finished, review your information for accuracy. You’ll notice your refund total will be in a green box on the top right.
- In the review tab, be sure to select both federal return and your state return to be filed.
- In the last review steps, you’ll notice you have the option to e-file or paper file your return. You’ll most likely want to e-file (it’s easier and faster).
- On the same “Payment Options” page, you’ll also see you can have your refund direct deposited or by paper check. To receive your refund early as possible, select direct deposit.
- Before submitting your tax return, you’ll have to pay with a credit card.
- Submit your return. Our tax experts will review it for accuracy. If they have questions, they will contact you via the account message system.
- After you return is reviewed, it’s sent off to the IRS! (If you opted to paper file, you’ll have to print, sign and mail it to the IRS.)
After You’ve Filed:
- Check your Refund Status: The IRS has a “Where’s My Refund?” tool for checking the status of your refund. If direct deposited, expect your refund within 21 days.
- Pay any tax due: Make sure any tax due is paid. If not paid by April 15, expect to be penalized.
- Change your W-4: If you want to receive a larger tax refund next year, talk to your employer to lower your W-4 exemptions. Electing 0 or 1 exemptions will leave you with a larger refund (but more tax will be taken out from your paychecks).
Adulting doesn’t have to be hard.
Throw your parents a curve ball and file your 2018 taxes, before they remind you (again). After all, you’re an adult now and RapidTax makes tax filing as easy as posting on IG. File now on RapidTax so you won’t have to think about tax filing again (…until next year).
