April 15, 2016
Are you scrambling to finish filing your taxes before the Tax Day deadline this year? We’ve outlined five pieces of tax advice to help teens, including the youth at Mercy Home, get ready to file their taxes.
1. If you’re a teen, you might not have to file! For those working a seasonal or part-time job, your income is likely below the minimum requirement for filing.
2. Organize! If you do have to file a tax return, make sure you begin gathering the necessary paperwork from your employer and keep it in a safe place. The general rule is to keep records for seven years.
3. Start early! As soon as you have all your documents, begin preparing your tax return so you have time to save money if you owe additional taxes.
4. File safely! If you plan to file online, make sure to do so safely and protect your information. One of our great financial literacy partners, TransUnion, has some great advice on their blog about how to protect your tax return from identity theft.
5. Seek professional help if needed! Don’t hesitate to seek help from a tax professional if you’re stuck on any aspect of filing your taxes or have any questions. The IRS website offers an Interactive Tax Assistant section to help answer the most frequently asked questions. In addition, if you make $54,000 or less, are a person with a disability, speak limited English, or are 60 years or older, the IRS provides free tax return preparation through the Volunteer Income Tax Assistance (VITA) program.
With these five simple steps, your teens and ours will be set up for success this Tax Day and for many more to come!
A huge thanks to all of our sponsors and friends who help our young people grow in their understanding of how money works in the world.
Please note: The tips in this blog post are for informational purposes only. Please take our advice in number five above and see a tax professional with any and all questions related to filing your taxes.
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