The taxman cometh, and that includes you

It’s tax season and maybe you’re new to filing taxes. Maybe you’ve been told you don’t have to file taxes.

Don’t listen.

For the first-time tax filer, the process can seem formidable — whether you work with a tax preparer or go it on you own. But, likely, you’re going to have to go through it.

Some people are exempt from filing taxes, but most aren’t. If you’re younger than 65 and make more than $13,850 for single filers or $27,700 for married filers, you must file a tax return for 2023.

Emphasis on the “must.”

The good news is that once you prepare the return, tax credits can not only lower the amount of tax you owe, they could also increase the amount of a tax refund — or even help you obtain a refund even if you didn’t own any money for taxes. The catch: Individuals who qualify for tax credits must file in order to get a refund.

So, how do you get from $0 to there? With a few tips from the specialists:

• First, gather your tax documents and store them safely (it’s important to keep these in case of an IRS audit). First-time filers also might need to check that no one else is filing them as a dependent on their return.

• Then, compare your tax preparation options — and their costs.

• Consider the deadlines. Your 2023 federal income tax return must be electronically sent or mailed to the IRS by April 15. Taxpayers who file after that day can receive a late fee of as much as 5 percent per month, up to 25 percent of the tax owed. If you expect to run into a delay in meeting that date, you can file an extension by April 15, which gives taxpayers until Oct. 16 to file, though any estimated tax owed must be paid by the April deadline to avoid penalties.

• Choose between preparing taxes on your own or going with a professional. The latter is typically the best choice in many situations such as for those who own a business; plan to itemize deductions; or, have complex tax situations such as gig or contract work. Also, consider the time involved. Those who go it alone should allot between five to seven hours to prepare and file simple taxes, and as much as 20 hours for more complex situations.