It has been updated for the 2020 tax year. Learning about taxes is an important life lesson, especially if you’re serious about growing and retaining wealth. In the past, you may have had your parents, or their tax preparer, file your taxes. But now that you’re a working professional, you’ll want to take charge of your own finances.
When to file individual tax return for 2020?
Individual income tax return filing dates for 2020 (Covid-19 Lockdown): 1 September to 16 November – taxpayers who file online 1 September to 22 October – taxpayers who cannot file electronically can do so at a SARS branch by appointment.
Can you make a mistake on your first tax return?
Mistakes can happen the first time you attempt anything in life, and filing your own taxes is no different. Messing up on your tax return can cost you money, but you can take steps to avoid some common rookie tax-filing errors.
What do I need for my first federal tax return?
If this is the first time that you’ve filed a federal tax return and you are single, here’s what you need before you start: Social Security number. Wage and income information i.e. Form W-2 or Form 1099.
What should I report on my first tax return?
Although doing your taxes for the first time might sound intimidating, it is really just a matter of reporting three things to the government: your income, your deductions & credits, and any taxes you’ve already paid during the year.
Do you need a receipt for your first tax return?
If it’s the first time you do your taxes yourself, you might not know what deductions and credits you can claim. Sometimes it’s easy—your university sends you a T2202A slip, or a charity sends you a tax receipt. Sometimes you need to know about the credit in advance and keep your receipts—like your bus passes.
