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Posted January 28, 2014 by

The Basics of Filing for the First Time

Yellow post it note about filing tax return

Yellow post it note about filing tax return. Photo courtesy of Shutterstock.

For college students and recent grads, filing taxes for the first time can feel overwhelming. Not only are you responsible for supporting yourself financially, but now you must report your wages to Uncle Sam. By law, you are required to disclose any earnings to the Internal Revenue Service (IRS) and they then process the taxes you owe or are owed. But what if you’re a dependent? If this is the case then the rules differ slightly. Review the IRS regulations to determine the appropriate course of action. We’ve gathered some of the basics you’ll need to know if you’re filing for the first time. (more…)