Preparing for Tax Day doesn’t have to be overwhelming if you’re a first-time filer, even if it appears everyone around you is scrambling to understand future tax policies and meet their deadlines.
This year, Tax Day is April 18, but first-time filers should start preparing their documents now and find a tax professional to work with, if they’re not going with do-it-yourself programs. More than 153 million tax returns are expected this year, according to the Internal Revenue Service, and 32 million have already filed their 2017 returns as of Feb. 10. Total tax return volume through Jan. 27 was down 33% from a year ago, Intuit Inc., which provides tax-preparation software, said last week citing Internal Revenue Service data. You are required to file your taxes if your gross income in 2016 was at least $4,050.
Don’t wait for expected tax policy changes from President Trump, either.