内容摘要：“Especially if you’ve aspirations for your second generation, you have to move,” said Prakash.

“Especially if you’ve aspirations for your second generation, you have to move,” said Prakash.

— Tax credits, such as child tax credit, retirement savings contributions credit, etc.Many young adults are still receiving some financial help from their parents when they’re ready to file their taxes for the first time. It’s important that first-time filers communicate with their parents in case they are being claimed as dependents, Simpson said.

“Being claimed as a dependent affects their standard deduction and eligibility for certain credits,” said Simpson.Having a conversation with your parents will prevent you from claiming tax credits that you might not qualify for if they claim you as a dependent. If your parents claim you as a dependent, you will add this information to your tax return.Knowing if you are eligible for any tax credits and deductions is a crucial step when filing your taxes, Simpson said. Tax credits can lower the amount of taxes you owe or increase the amount of your refund. Some relevant tax credits for first-time filers include the American Opportunity tax credit and the Earned Income credit.

, you can either opt for a standard deduction or itemize. Itemizing generally only makes sense if your itemized deductions add up to more than the current standard deduction of $14,600 for a single filer and $29,200 for a married couple.“In many cases, first-time filers won’t need to be itemizing their expenses,” said Simpson.

Doing research or asking a professional for the types of deductions and tax credits you qualify for can save you money,

If you freelance, work in rideshare or sell your clothes online in addition to your part- or full-time job, you must add this income to your tax returns, said Tim McGrath, a certified financial planner based in Chicago.“Taxpayers should be cautious of unsolicited phone calls, emails or texts claiming to be from the IRS or relief agencies,” said Erickson. “The IRS never initiates contact via email, text, or social media to request sensitive information. When in doubt, taxpayers should verify correspondence by calling official numbers directly.”

According to the IRS, you should watch out for:— Big paydays: The promise of more money than you think sounds reasonable. Bad advisers may make outlandish statements about available credits.

— Threats and demands: Any pressure to pay for tax help “now or else,” mentions of arrest or deportation, or refusals to let you question or appeal the taxes they say you owe.— Suspicious or misspelled website links that aren’t IRS.gov.