Life Kit A First-Timer's Guide To Filing Taxes
Mar 16, 2021
In this chat, Kimberly Washington, a New Orleans-based CPA and financial expert, offers invaluable advice for first-time tax filers. She dives into the impact of pandemic-related changes on tax laws and clarifies if unemployment benefits and stimulus checks are taxed. Kimberly highlights essential documents needed for filing, explores free tax assistance options like the IRS Free File program, and shares tips for navigating tax deductions. With her expertise, listeners gain confidence in understanding their tax obligations and available resources.
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Essential Tax Documents
- First-time filers should save all tax documents, including W-2s, interest statements, and college tuition documents.
- These documents are crucial for accurately filing taxes and determining what income is taxable.
Free Filing Options
- First-time filers can look for free filing options, especially the IRS Free File program.
- This program is available to those earning less than $72,000.
File Even If You Cannot Pay
- File taxes even if you cannot pay the full amount.
- Penalties are based on the amount owed, and failing to file incurs additional penalties.