Tax Time: Look, Mom, My First Tax Return!

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By Newsweek Editors

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So, this is the first time you're filing a tax return. Have no fear: despite all the scary stories you may have heard about the IRS, it doesn't have to be a nightmare. In fact, we asked our experts at Ernst &Young LLP and authors of the Ernst & Young Tax Guide 2006 for some how-to's to make the process go as smoothly as possible: Get your records together. By Jan. 31, you should have received a Form W-2 (wage and tax statement). If you have a savings account or investments, you received a Form 1099. Gather these forms, as well as any other documents you received that deal with taxes, and place them in a manila folder in a safe and secure place. Get the forms you need. Download tax forms from irs.gov or obtain hard copies at any post office. You may be able to use a Form 1040EZ if your taxable income is less than $100,000, you don't claim any dependents or itemized deductions and if you are single or married filing jointly. Avoid common errors. Check and double-check your return for mistakes. Fill in your Social Security number, check your math, and sign and date your return. Attach all the required forms (including a check if you owe tax). And don't forget to keep copies of your return and W-2s. File your return. You can mail your return (make sure you have the correct postage) or you can e-file with the IRS using a tax professional or tax software, such as TaxCut (from $10; taxcut.com ). If you are unable to file your return on time, you can get an automatic six-month extension. Use Form 4868 and file it just like your return. For more info on filing, go to irs.gov .

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