The time has come — tax season is finally here. Some people rejoice at the thought of the refund checks soon to be on the way, while others dread the stress, confusing paperwork and uncertainty that can lie ahead. But if you’re a student trying to balance your schoolwork, part-time job and everything else in your life, taxes can be especially stressful.
But don’t fret — they don’t have to be. Keep these things in mind and soon you’ll have your taxes filed and your worries will be gone — that is until your next midterm.
1. File, file, file
Do you know whether you need to file or not? Don’t assume you’re exempt, check to see if you should file this year. If you're a dependent student who earned less that $6,100 in the year, you don’t have to pay taxes. But even a dollar over and you must file.
But let’s say you made less than that amount. When should you still file? Any time that income taxes were withheld on paychecks. Why? Because you’re essentially giving away money to the government for free! File and check to see if the government owes YOU money instead. You might have a surprising gift on the way soon.
2. Save your coins
Yes, you should file. But that being said, don’t assume you need to pay someone to file for you. If your annual household income is less than $64,000, you’re eligible to use the free IRS tax filing software. Beware of any potential scams from people trying to take advantage of you as a student or someone who’s new to filing. If you use the official IRS website, you’ll steer clear of all that.
And if you want in-person help, check out resources on campus! You might be surprised by the amount of support available to you via free services in your community.
3. Be ahead of the game
Don’t make the mistake of waiting to file until right before the April 15th deadline. The sooner you start, the more wiggle room you have in case you have to gather any tax documents you weren’t expecting or you have questions that require outside help.
4. Know if someone else is claiming you
If your parents or other relatives are claiming you as a dependent, you can no longer claim tax exemptions. A lot of students are dependents, so it’s important to figure out your status.
5. Being in college means you should definitely have deductions
There are certain education tax credits and earned income tax credits that you might qualify for. Check for all deductions you qualify for, as they reduce the amount of taxes taken out of your paychecks.
6. Check it twice
Don’t make the mistake of sloppily filling out your tax forms and just turning them in. Double check amounts, required info and all of the deductions you might qualify for. Don’t leave a box unchecked, this only comes one a year and if it’s not correctly formatted you might get them sent back or audited — which no one wants to deal with.
7. Breathe
Taxes are yet another task that’s waiting to welcome you to adulthood. Don’t get caught up in the stress of it all, just follow instructions, be prepared and ask for help if you need it. You got this.
Use the free IRS filing software here and stay on top of your game!
This post is brought to you in partnership with Intuit.
