BENGALURU: When the time comes to pay the taxes, we all just see towards how much to pay but no one thinks about what all taxes consist of. If you are a millennial and filing taxes is still a relatively new undertaking, then you might want to consider these strategies, especially if you want to avoid the dreaded tax audit, according to usnews.com.

Always Remember To Update Your Name If You Have Changed It:

Newlyweds who change their name often forget to inform the Social Security office, which can cause problems with a tax return that appears to list an incorrect name. That could be a reason for a return to get kicked back to you. Making sure all your paperwork is in order before you file can help save you headaches and IRS inquires later.

Mortgage Interest Can Be Deducted If You Have Bought A Home:

For millennials who are homeowners, mortgage interest is often eligible to be a tax deduction, but you will have to itemize your deductions to claim it. You can also check IRS.gov to see if other home-related expenses are eligible for credits, like energy-efficiency improvements.

Filing It Electronically:

It is always best to file taxes electronically, as 90 percent of taxpayers do, which saves time and can also reduce errors. You don’t have to be afraid to deal with your taxes, since good tax software is very user-friendly and intuitive. In fact, you don’t need to know anything about the tax code. Tax software will ask simple questions about your life and provide the tax deductions and credits you’re eligible to receive.

Deductions And Credits Might Apply If You Have Any Children:

Parents can qualify for a dependent care credit if both spouses work and pay for child care; you can claim up to a certain amount of childcare costs for two or more children. Parents can also take advantage of tax-advantaged college savings accounts for their children, such as 529 or Coverdell accounts.

It’s Always Better To Coordinate With Your Parents About Filling Plans:

If your parents plan to claim you as a dependent, then that affects your own filing status. So make sure to coordinate with them, especially if you are still living with them or otherwise getting support from them. The Internal Revenue Service specifies that parents can claim qualifying children who are under age 19 or a full-time student under age 24, as long as they are not earning above a certain income.

Don’t Be In A Hurry While Filling Taxes:

There is, however, a tax-timing flip side. Don't be in such a hurry to file, especially if you're getting a refund, that you make a costly mistake. Make sure you have all the information and supporting documentation to complete your tax return correctly. If you are still awaiting data as the filing deadline nears, ask the IRS for more time. All you have to do is complete Form 4868. The IRS will give you six more months, until Oct. 15, to finish your filing paperwork.

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