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Everyone Who Does Taxes For The First Time Should Know These

Everyone Who Does Taxes For The First Time Should Know These

Like Voldemort from Harry Potter, the word “taxes” should not be The Thing That Must Not Be Named. We should not live in fear of the 15th of April like it’s some plague or judgment day. True, it may feel intimidating the first time you are forced to sit down and complete your taxes on your own. We’ve all been there and, yes, felt your pain.

However, taxes shouldn’t be the bane of your existence. With some planning and premeditation, doing your taxes should be manageable. After all, however you look at it, you will have to file your taxes every year. So do it right and follow these 10 need to know tips to complete your taxes without hyperventilating.

1. Nobody will remind you to do them.

Throughout the year, you should be saving pay stubs, tax returns, and other files and documentation. Let’s face it, filing taxes is not a one and done deal; it’s an ongoing process. Therefore, the government is not going to send you a little friendly reminder letter in the mail like your dentist does for an upcoming appointment. As soon as you begin to receive W2s from your employer, you should being filing your taxes. Don’t wait until the last minute, unless you want to be sweating bullets.

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2. You need to double check everything.

Okay, the truth is, taxes do take a while in order to be completed properly. It requires focus, retrieval of papers and documentation, and reading the directions carefully. At times, the forms may seem a bit repetitive, but make sure you use the examples and directions to help you complete each section. Also, double check everything, especially your name and your math. This not only saves you from a load of extra paperwork, but it will also help ensure that you don’t get flagged for tax fraud.

3. Have your papers organized before you start.

Find a filing and organization system that works for you. Don’t expect to just bring a heap of papers along with you to sift through and have it done in a half hour. Instead, make sure you are keeping your information organized throughout the year to make filing your taxes a lot less stressful. Try using a hanging filing folder system with labeled tabs of all of your paperwork. Or, invest in a filing cabinet or accordion folder system. Just make sure to be consistent. The IRS suggests keeping your records for seven years before discarding any documentation. With all that paperwork, don’t let your files become an unorganized heap.

4. Save some money to file them early.

Set aside money and file early just in case you may owe a lot of money to the IRS. This way, you won’t be blindsided by owing any unexpected large sums. Also, you can save money and get more on your return by filing any charitable contributions and avoid accrued interest on your taxes. Plus, you’ll receive your refund faster. Just make sure you have enough budgeted for these extra costs and money needed if you choose to seek out an accountant or program to file your taxes for you.

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5. Online tax programs don’t know everything.

It’s great to file online through step-by-step programs like TurboTax or TaxAct. Yet, they don’t always know about your individual tax exceptions and needs. Every person is different and you may have some questions that are beyond what the program can provide for you. Save some money and find an accountant who can help you through your unique tax filing. A tax preparer works specifically for the IRS and will cost between $150-$450, depending on your situation. Or, you can use a retail tax company like H&R Block for quick and easy filing. Just make sure you invest your time into finding one that suits your needs. It will be worth it in the long run.

6. Filing jointly is a little easier.

If you are married, filing jointly is a great way to guarantee the largest standard deduction from the IRS each year. You can also qualify for many taxes credits, including the American Opportunity and Lifetime Learning Credit, and the Earned Tax Income Credit. Plus, you only need to submit your taxes once together.

Ultimately, it’s better to file jointly. According to Turbo Tax, “In 2013, married filing separately taxpayers only receive a standard deduction of $6,100 compared to the $12,200 offered to those who filed jointly.” Therefore, if you are married, look to filing jointly to get the best tax breaks.

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7. File as early as possible if you need financial aid.

If you file early, you have the best potential of receiving the maximum amount of financial aid. The IRS makes this easy to do, because there is a link from the FAFSA form to the IRS, meaning you don’t have to provide your tax information by yourself. Be proactive, invest in your future, and get the most out of your education and your tax money.

8. You can submit corrections if you make a mistake.

Remember that we are only human and “to err is human”. So, you flubbed up a number or missed a step in filing your taxes. Something looks off. Don’t freak out; a 1040X file is your saving grace. It’s important to make your corrections rather than wait for the IRS to find them. A simple mistake typically won’t give you a large penalty, but it can cause accrued interest on the correct amount. Just know that it’s okay if you need to make a change.

9. You can write off student loan interest.

You can get a tax break and deduct $2,500 or the amount of interest you paid on your student loans. It’s considered an adjustment to your income, so you don’t have to itemize all of it.

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See what qualifies as a student loan adjustment and enjoy the fact that all of your money spent on your education is to good use and can help with your tax break.

10. You can credit your refund to next year.

Don’t always think that you have to spend your refund cash on anything right away. Instead, use it as an investment and put your money in a separate account in case you owe money next year when filing taxes. Or, you can place this money in a retirement fund and receive more money off next year’s income tax. The choice is yours, just choose responsibly.

Take a deep breath.

When you invest the time in filing your taxes and prepare all year, you really are investing in yourself and your money. If you want something done well, do it right. If you are still unsure about how to approach taxes, a good bet is to spend the money and seek someone who knows what’s best for you and your interests. Don’t be overwhelmed by the “big” 5-letter word; taxes aren’t that scary, as long as you don’t procrastinate.

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Featured photo credit: Tax/401(K) 201 via flickr.com

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Kayla Matthews

Productivity and self-improvement blogger

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Last Updated on April 19, 2021

40 Healthy And Really Delicious Meals You Can Make Under $5

40 Healthy And Really Delicious Meals You Can Make Under $5

Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

1. Fish Tacos in Crunchy Shells ($3.56 per serving)

Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

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    2. Mini-Meatball Noodle Soup ($3.43 per serving)

    We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

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      3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

      Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

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        4. Kabocha Squash and Lentils ($3.12 per serving)

        Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

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          5. Baked Coconut Lentils ($0.91 per serving)

          Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

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            6. Easy Marinated Roasted Chicken ($3.40 per serving)

            We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

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              7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

              This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

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                8. Beef Pot Roast ($3.22 per serving)

                One word: perfect. This meal will warm your insides and fill you up with the high protein content.

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                  9. Fajita-Style Quesadillas ($0.43 per serving)

                  If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

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                    10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                    Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

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                      11. Beef and Black Bean Chili ($1.36 per serving)

                      Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

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                        12. Crispy Fish and Peppers ($2.18 per serving)

                        Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

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                          13. Vegetarian Gumbo ($1.50 per serving)

                          You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

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                            14. Mexican White Bean Soup ($0.99 per serving)

                            With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

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                              15. Black Beans with Mango & Cilantro ($0.38 per serving)

                              Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

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                                16. Bean Burritos ($0.71 per serving)

                                If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

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                                  17. Five-Spice Beef Kabobs ($2.43 per serving)

                                  The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

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                                    18. Cornmeal Crusted Pork ($1.92 per serving)

                                    If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

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                                      19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                      Easy to do, extremely healthy, and super delicious. A must-try!

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                                        20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                        I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

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                                          21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                          Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

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                                            22. White Bean Tuna Salad ($1.36 per serving)

                                            You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

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                                              23. Sausage Eggwiches ($0.80 per serving)

                                              Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

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                                                24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

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                                                  25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                  Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

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                                                    26. Vegetable Lasagna ($1.73 per serving)

                                                    If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

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                                                      27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                      Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

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                                                        28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                        A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

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                                                          29. Butternut Squash Chili ($1.04 per serving)

                                                          You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

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                                                            30. Fast Shrimp Bisque ($2.03 per serving)

                                                            Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

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                                                              31. Chicken-Noodle Casserole ($0.98 per serving)

                                                              Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

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                                                                32. Burrito Cups ($1.18 per serving)

                                                                Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

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                                                                  33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                  Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

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                                                                    34. Potato Frittata ($0.87 per serving)

                                                                    If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

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                                                                      35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                      Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

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                                                                        36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                        Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

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                                                                          37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                          You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

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                                                                            38. Herbed Salmon ($2.49 per serving)

                                                                            Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

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                                                                              39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                              Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

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                                                                                40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

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                                                                                  Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

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