As a college senior who is about to have to be a full-time adult, the scariest thing for me is filing taxes for the first time. For years I’ve tried to piece together the process and despite all my efforts, the only thing I know for sure is that the IRS is scary.
I’m not alone in that either. According to a 2024 survey by Cash App Taxes, 54% of Gen Zers reported that the stress of filing taxes has driven them to tears. (Me too, besties.)Taxes seem like too big of a step into the “real world” so I’ve avoided thinking too much about it. However, now that I’m almost fully on my own I’ve taken it upon myself to learn as much as possible about the process before I’m faced with the real task.
To take the first step, I spoke with two CPAs, Josh Katz and Riley Adams, about what it’s like to file taxes for the first time, and here are some of the most important takeaways.
First, what do you need before you start?
In my head, I always associated taxes with a ridiculous amount of paperwork. Luckily I’ve come to find out that there are only a few files you need to start. If it’s the first time you’re filing, then you need:
- Your Social Security Number
- Wage and Income tax form (this is the W-2)
- To check if you are a dependent
- Any documentation of deductions
- Your bank account and routing number
Most of this is information that everyone has or can get easily, but a lot of people may be confused about what a W-2 is and how you get it. A W-2, Wage and Earnings Statement, “reports the income, deductions, tax withholdings and more” Adams tells Her Campus. It’s the document that most people rely on to prepare their taxes and 1040 Form, which is your tax return.
“You may also receive a 1099 Form which states interest, dividends, and capital gains. Other common forms include 1099-R (Retirement), 1098-T (Education), and 1098 (Mortgage Interest)” Katz adds.
Where do you file your taxes, and who can help you?
One question I had floating around my mind was where I go or who I actually need to contact to file taxes. I wasn’t sure if I somehow needed to become a professional accountant overnight or if there was a secret I didn’t know about. Thankfully, I received some advice.
“There are many ways to file your taxes, including an online company, tax filing software, and a tax service, or through an accountant, CPA, or EA,” Katz tells Her Campus. “The IRS also provides Free File to any individual or family whose gross income is $79,000 or less.”
“You can prepare your taxes online, with help from a tax professional or yourself by hand, though this last option isn’t recommended for numerous reasons,” Adams says. “The most straightforward method if you’re looking to do it yourself is using online tax filing software.”
However, there are also other services you can use like TurboTax or H&R Block. “These services generally make it easier for individuals to do their own taxes because they automatically import documents from several employers and also provide an intuitive Q&A format for you to prepare your taxes,” Adams tells Her Campus.
What happens after you file your taxes?
After filling out and filing the taxes, there isn’t a lot more that comes after except for 1) paying your taxes if you owe or 2) filing your refund. If you owe money, then you have a few options to make a payment. According to the IRS page on payments, you can pay now, sign in to pay, or apply for a payment plan.
You have the option to pay from your bank account or pay from a Debit or Credit Card if you choose to pay immediately, Paying directly from your account is for individuals only and does not require registration (signing up for an IRS Online Account) or any other fees. Paying by card is open to individuals as well as businesses and also does not require any registration; however, processing fees apply.
Choosing to sign in to pay also gives you two options: Sign in to make an Individual Tax Payment or Sign in to make a Tax Deposit Payment (or Schedule Estimated Payments). Both of these require you to create an IRS Online Account using your credentials before you choose this option.
For those who need more time to pay, then this is when you might apply for a payment plan so you can pay off your balance over time.
If you didn’t owe any money on your taxes, you may receive a refund. If you filed your tax return electronically, you can usually see the refund status after about 48 hours, according to the IRS. To process your refund it usually takes up to 21 days if it’s e-filed and four weeks (or more) if the return is sent by mail.
You can choose to get your refund by direct deposit, paper check, prepaid debit card, mobile payment apps, or U.S. Savings Bonds.
What should you avoid doing?
Going through the filing taxes process for the first time is bound to produce some errors and mistakes, so you must be aware of them ahead of time to counteract any issues.
Both Katz and Adams said that a common mistake is reporting incorrect information on your forms. This could take the form of using estimated numbers instead of real ones for example. Some other mistakes include filing late or using an inexperienced or fraudulent tax preparer.
Luckily, everyone has had to go through their first time filing taxes, so you’re not alone in the struggle of figuring it out! If anything, you always have the ability to ask for help and double-check your information!