New to taxes? If this is your first year filing on your own, don’t worry – we’ve got your back! Everyone’s got to start some time, and lucky for you we’re here to guide you toward your biggest refund or a lower tax bill. We’ll start with the basics below and if you have any other questions, ask us in the comments section. Patience young grasshopper, you’ll be a wise tax whiz in no time!
Do I Have to File?
First thing’s first - decide if you need to file an income tax return. Several factors affect the answer to this question such as filing status, gross income, your age, and whether or not someone claims you as a dependent. With some help from the IRS, we’ve put together a chart to make it easy for you when deciding to file or not. Simply match your filing status with your age, and if your gross income was at least that amount for 2015, then you should file a tax return.
Your Filing Status: |
Your Age At The End Of 2015: |
You Should File a Return If Your Gross Income Was At Least: |
Single |
Under 65 |
$10,300 |
Single |
65 Or Older |
$11,850 |
Head of Household |
Under 65 |
$13,250 |
Head of Household |
65 Or Older |
$14,800 |
Married, Filing Jointly |
Under 65 (Both Spouses) |
$20,600 |
Married, Filing Jointly |
65 Or Older (One Spouse) |
$21,850 |
Married, Filing Jointly |
65 Or Older (Both Spouses) |
$23,100 |
Married, Filing Separately |
Any Age |
$4,000 |
Qualifying Widow(er) With Dependent Child |
Under 65 |
$16,600 |
Qualifying Widow(er) With Dependent Child |
65 Or Older |
$17,850 |
What Tax Form Do I Need?
Now that you know you need to file an income tax return, it’s time to determine which form to file. You’ll need one of the three basic tax forms – 1040EZ, 1040A, or the 1040.
The 1040EZ is a single page, and it’s the simplest form. However, you can only claim one credit on this form, for example the Earned Income Credit, and you also cannot itemize your deductions. This could affect the potential savings you could have on your tax bill.
If you meet these conditions, you can file the 1040EZ: |
|
(See the full list of IRS conditions here.)
The 1040A is the next level up from the 1040EZ and allows you to claim several tax credits. You can also file this form with any of the five filing statuses. Although this form has more flexibility, you still cannot itemize your deductions.
You can file the 1040A if: |
|
And lastly, the most complicated of the three forms – the 1040. If you don’t qualify for the 1040EZ or the 1040A, you’ll need to file the 1040. The good news? You can itemize your deductions on this form, which can help you save on your tax bill!
You can file the 1040 if: |
|
How Should I File?
Choosing whether to file online or in an office with a tax preparer is an important decision! E-filing is nice because the calculations are done for you, guaranteeing accuracy. It’s also a good way to improve your tax knowledge and have power over your tax destiny. However, professional tax preparers know the tax code like the back of their hand, and they know how to analyze your return for commonly overlooked deductions and credits. Do your research and find an affordable and convenient fit for your tax situation.
Basic Terminology
You’ve probably heard lots of tax jargon this time of year like taxable income, dependents and deductions. If you’re unfamiliar with these and other commonly used terms, check out our tax glossary. It’s like a dictionary just for tax terms!
What other questions do you have about filing taxes for the first time? We’d be happy to answer your questions in the comments below! And be sure to stay updated on all things taxes by following us on Facebook and Twitter.