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Facing first-time filing tax fears

If you make money, you generally have to file a tax return. And while some young taxpayers are able to avoid filling out a 1040, every filing season there are a lot of new filers in their 20s or younger fulfilling their tax duties for the first time.

Cat kitten all the sameWhat do you mean this little guy owes taxes?

The Internal Revenue Service's Statistics of Income for the 2013 tax year, the latest one for which there is complete data, reports that more than 25 million filers were younger than 26.

These young taxpayers accounted for 17 percent of that year's filings.

That's a lot of numbers from which to choose when it comes to the latest By the Numbers honor, but the winner this week is 25 million.

Facing first-time filing fears: Filing taxes can be scary. Just ask the millennials who admit that they're afraid of tackling their taxes.

Don't freak out, there's tax help out there --- and here at the ol' blog.

If you're a young first-time taxpayer, one of this week's Daily Tax Tips has some advice.

But don't skip over it if you're past your salad days. Much of the advice can apply to folks regardless of age who are filing their first ever Form 1040.

Below is the link to the first-time filer info, as well as ones to the other tips that were posted the week of Feb. 22-26.

  1. Estate and gift tax limits (Monday, Feb. 22, 2016)
  2. 6 filing tips for new taxpayers (Tuesday, Feb. 23, 2016)
  3. States with no income tax (Wednesday, Feb. 24, 2016)
  4. 4 ways to get your IRS refund (Thursday, Feb. 25, 2016)
  5. Where's your refund? (Friday, Feb. 26, 2016)

If you've filed your return, be sure to check the Friday tip on tracking down your refund.

And if you've yet to file, check out all the tax tips that have been posted so far this year for ways to make the process easier and reduce your tax bill.

In addition to these end-of-week roundups, you can peruse all of 2016's tax tips on special tips pages for January and February. The tips will continue, highlighted each weekday in the upper right corner of the blog page, through the April 18 filing deadline.

Stay fearless, folks!

Comments

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Kay

seems a tad low to me, but I'd need to go back and check prior years' data.

JOHN LAINE

is 17% supposed to be high? It sounds about right or maybe a little low

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