Time is running out to file your taxes as the deadline approaches. For first-time filers, the process can be overwhelming. Miklos Ringbauer, a certified public accountant from California, acknowledges the stress that many face when tackling their taxes for the first time.

To ease the pressure, experts advise planning ahead, conducting research, and seeking guidance from professionals. The deadline for filing your 2024 taxes is April 15, with the option to extend until October 15 if needed. Remember, an extension only applies to filing, not payment. If you anticipate owing taxes, it's advisable to make an estimated payment before the deadline to avoid penalties and interest. On the other hand, if a refund is expected, it will be received upon filing.

For those new to tax filing, here are some key recommendations:

1. Gather your paperwork: Collect all necessary documents, which may vary based on individual circumstances. Essential items include a Social Security number, W-2 forms for employees, 1099-G for the unemployed, and savings and investment records. Additionally, keep documentation for potential deductions and tax credits handy.

2. Communicate with your parents: If you still rely on financial support from your parents, it's crucial to discuss your tax filing status with them. Being claimed as a dependent impacts your deductions and eligibility for certain credits.

3. Understand tax credits and deductions: Familiarize yourself with available tax credits and deductions, as they can significantly impact the amount you owe or may receive as a refund. First-time filers should be aware of credits like the American Opportunity tax credit and the Earned Income credit.