Filing taxes for the first time is not fun. We got away with not filing our taxes for years while living under our parents’ roofs. Bless you, parents!
But now, as “financially independent” adults, we had to at least try.
And we did. Because again, it’s kind of a rite of passage.
With the gracious help of Begad’s mom, we submitted our taxes almost a month before the deadline.
In hindsight, here’s what we wish we had known pre-filing:
It’s a frustrating process
So this, we knew. But we didn’t fully understand just how frustrating it could be. You start out feeling like you can conquer the world, and then you get to the second portion and you are ready to give up on life. We know, a bit dramatic, but you get the point. It’s a part of adulting we wish we could live without. Who’s with us? ✊🏼
It takes a lot of time
Don’t be fooled. As mentioned before, it may seem easy at first, but then you’ll come across a section that makes you go 😣. And when that happens, you have to consult the information guide, which is supposed to help, but in reality, adds to your already confused-ness.
Anyways, we thought the process would take less than an hour because a) we don’t have any dependents, and b) we don’t own property. But then we realized there was a tuition statement we could claim, which meant we had to switch from the EZ form to the 1040A form (a page longer and more infuriating). Halfway through, we noticed that we didn’t even need to claim the tuition statement because it was paid the previous year. What a waste of time!
Overall, the process took us between 4-5 hours on a Sunday night, nonetheless we were exhausted by the time we were done 😴.
You don’t have to pay someone a lot of $$$ to do it for you
A lot of people we know pay an accountant to file their taxes for them. This was something we considered before doing it ourselves, but we knew it would be cheaper to suck it up and just DIY it. After initiating the process, we realized that it’s not as expensive as we thought. Ask around and see what accountants charge in your area.
You can file online
This we should have known. Almost everything is online now. Looking back, this could have significantly minimized the amount of time it took us to finish filing. Plus, there are plenty of benefits, apparently…Like a bigger and faster refund.
You can also use software programs like TurboTax or H&R Block. (Going to try this out this year).
It takes time to receive your tax return
When you gloriously finish filing, you find out how much money you should get back. So naturally, you get excited. Money in the bank, right?… Except for you have to …wait….for awhile, especially if you file on paper and send through mail. The IRS says it can take 6-8 weeks. But if you file online, (another perk!), then payments should be issued within 21 days.
You have to file state taxes, too
“State taxes, what? We have to do this too?” This came as a surprise to us. We had heard about federal taxes growing up and how the IRS is like the boogie monster, coming for you if you evade, blah blah blah. But no one mentioned state taxes. Since we were already in taxes mode, we went for it. It was definitely easier than federal, but it was still confusing. And the cherry on top, we ended up having to OWE the state money. It wasn’t a lot, but still. I thought WE were supposed to get money back!
You can file for a tax extension
If you really need to and aren’t ready to file your taxes by the deadline for a particular reason, then the IRS allows you to file for a tax extension. That gives you an extra six months to get everything together. However, this isn’t a get-out-of-jail-free card for procrastinators. It’s mercy for those who have a complicated tax situation or if there’s been a death in the family. This article by the U.S. News & World Report explains how you can file for that extension.
Hopefully this info helps in your tax-filing journey. Don’t be discouraged. It might be a frustrating and long process, but it’ll pay in the end. Literally.