Graduating college means new beginnings — a first job, your own paycheck, and, yes, your first real tax season. If you’ve never filed before, tax forms, deductions, and refund tracking can feel overwhelming. But don’t worry. With a few practical tips, you’ll be ready to handle it like a pro.
1. Know If You Need to File
Even if you didn’t make much, filing a tax return might still be a good idea. For 2024, the standard deduction for single filers is $14,600. If you made less than that, you may not be required to file — but you still might want to. Why?
If you had taxes withheld from your paychecks, you could be owed an IRS refund. Tools like the tax refund calculator 2024 can help you estimate what you might get back. And yes, if you’re wondering, “if I make less than $5,000 a year do I have to file taxes?” — it depends, but filing could mean cash in your pocket.
2. Understand Your Tax Forms
Most full-time employees receive a W-2 form, but many graduates also freelance or side hustle. That means you could receive a 1099 form, which doesn’t withhold taxes automatically.
If you’re working as a contractor or self-employed, you’ll need to pay self-employment tax and report income on Schedule C. It’s smart to start tracking income and expenses early. An income tax calculator can help estimate what you’ll owe.
3. Fill Out Your W-4 Correctly
When you start your first job, your employer will give you a W-4 form. Don’t ignore it — it determines how much tax is withheld from your paycheck.
If you claim too few allowances, too much tax may be withheld. If you claim too many, you might owe money when you file. Use the IRS’s tax estimator 2024 to fill out your W-4 accurately and avoid surprises during tax season.
4. Use Free Resources to File
If you have a simple return, you may qualify for free tax filing through the IRS Free File program. These services guide you through the process step by step.
Already filed and wondering where’s my refund? Use the IRS refund status tracker (often searched as “where is my refund” or “where my refund”) to see when your money will hit your account.
For more complex cases, professional services like Tax Preparation Boston can help ensure you’re filing correctly and maximizing your return.
5. Plan Ahead for Next Year
Filing taxes doesn’t end when you hit submit. It pays to plan ahead for taxes 2025 now. Save receipts, track deductions, and keep an eye on changes to federal tax brackets 2024 and beyond.
And if you need help understanding tax rules or fixing a mistake, this trusted resource on Tax Preparation Boston can guide you.
