Taxes

Taxes can be a complicated part of making and managing money. Feeling confident in your understanding of taxes can take the stress off your shoulders.

Best Tax Deductions & Tax Breaks

How to File Taxes for the First Time

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Tax Resource Center

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Understanding Taxes

If you’ve ever made a purchase or worked a day in the United States, you’re well aware of the many different types of taxes consumers pay, including sales, federal income and state income tax. Taxes are fees that state and federal governments levy on citizens to finance government projects, services and entities.

Each April, you are required to file your tax return for the previous year. It’s important to stay abreast of tax deductions and credits so you don’t miss out on opportunities for valuable tax refunds from the IRS and your state.

Even if you’ve filed your own annual taxes, the subject can be confusing and leave you with questions. GOBankingRates is your go-to source for all your tax question answers, including how to file a tax extension and post office hours on Tax Day.

FAQ

Here are the answers to some of the most frequently askedTaxes questions.

Outside of checking up on any tax deductions or breaks available to you this tax year, if you want to potentially lower your taxes you can try planning throughout the year for taxes to see where you can maximize deductions, especially if you owe quarterly or have consistently owed every tax year. You should also consistently contribute to your retirement accounts or savings such as a 401(k), IRA or HSA.

Learn More: Best Tax Deductions and Tax Breaks

In general, the IRS will issue your refund within 21 days of you electronically filing your tax return, whereas paper returns will take longer. You can track your refund to see when you’ll get your return or find out why there are any delays or other issues.

Learn More: How Long Does It Take To Get a Tax Refund?

Though it’s always nice to get a big check back after you file your taxes, a large tax refund could mean you have been overpaying your taxes throughout the year. Think of it as if you lent the government money and didn’t charge interest. However, there may be ways you can look at your taxes to see where you could be using your money better throughout the year.

Learn More: Why a Tiny Tax Refund Is Good for Your Finances