Filing taxes for the first time on your own can feel overwhelming. Between new forms, unfamiliar terminology, and fear of “doing it wrong,” it’s easy to put it off. The good news? With a basic taxes 101 foundation, most first-time filers can handle tax season with ease and know when it’s smart to ask for help.
Here are five things to know before you file.
- Start with the forms you receive
Before you do anything, gather the documents you’ve been mailed. Most first-time filers will receive:
- W-2 forms from employers
- 1099 forms for freelance or contract work
- 1098-T for college tuition
- 1099-INT for bank interest
If you’ve searched how to fill out W-2 forms, here’s a helpful clarification: employers complete W-2s. Your role is to use the information from them when filing your return. If you don’t have any forms yet, check with your employer. Employers are generally required to send them by the end of January, so reach out for a duplicate from them if you need to.
- Understand the purpose and goal
This might seem obvious, but understanding taxes at a basic level helps reduce anxiety about filing. One of the most common issues with filing is people feeling as though they’re just guessing, so knowledge really is power here. When filing your return, you’re comparing:
- What you earned
- What you already paid in taxes
- What you actually owe
If too much was withheld from your paycheck, you receive a refund. If too little was withheld, you may owe.
- Multiple income streams change your tax picture
If you worked two jobs during the same year, especially at the same time, each employer would withhold taxes as if that job were your only income. They don’t know about your other paycheck. That can mean not enough total taxes were withheld, a smaller refund than expected, or even owing money. This is one of the most common “how did this happen?” moments in taxes for beginners.
If you’re working multiple jobs, review your W-4 with your employer. There’s a section specifically for multiple jobs that helps calculate more accurate withholding. That small adjustment can prevent a surprise next year.
- Know when to DIY and when to bring in help
While filing for the first time can be a little intimidating, you can usually file on your own using reputable tax software with no issues. Tax software walks you through step-by-step, so for straightforward situations, filing yourself can be affordable and efficient.
However, if you own a business, received more than two W-2s, or have complicated deductions, consider speaking with a tax professional.
- Small habits now make future tax season easier
Don’t treat taxes as a once-a-year scramble. Start building habits like:
- Saving digital copies of every tax form
- Tracking side income monthly
- Keeping one primary checking account for clear records
- Reviewing your withholding annually
The more organized you are, the more confident you’ll feel.
Filing for the first time doesn’t require perfection, just preparation. With a practical Taxes 101 understanding and awareness of how different income streams affect you, tax season becomes manageable instead of stressful.
At Community Bank of Louisiana, we’re here to help you stay organized, build smart money habits, and navigate milestones like your first independent tax season with confidence.The information provided is for educational purposes only and should not be construed as professional tax advice. Community Bank of Louisiana is not an accounting firm and does not provide tax consulting services. We recommend consulting with a qualified tax professional or accountant for personalized advice regarding your specific tax situation.