Students who earn income have to file their taxes
Tax season started Jan. 23.
Many students with jobs have to file their own taxes, and the process can be difficult for those filing for the first time.
Here are some tips and recommendations for students filing for the first time.
1. Know when to file
This year’s tax return deadline is April 18.
Normally, it is on April 15, but holidays have pushed it back.
You can also file for a six-month extension by April 18, which will extend your due date to Oct. 16.
2. There are multiple options
Because most people don’t study tax law, there is plenty of online and do-it-yourself software that can make taxes easy for you.
Another option is to go to a tax professional, like H&R Block or Jackson-Hewitt.
These companies employ tax experts who will help you file without you having to understand tax law.
Also, don’t be afraid to ask your family for assistance. They will most likely help you.
Mr. Michael Whalen, economics teacher, has his economics class do a free tutorial with TurboTax.
“The students make accounts with their student emails, and I gave them a fake W2,” Whalen said. “I made sure it was OK with TurboTax. It is a good idea for students to gain a familiarity with tax services.”
3. You can fix mistakes
If you make a mistake on your taxes, you can file an amended tax return within three years from the due date of the original return.
4. Organize your documents
When filing your taxes, H&R Block recommends having these things known:
- Amount of tax paid, including property and sales taxes.
- Child care costs.
- Amount spent looking for a job.
- Medical and disaster expenses.
Having these squared away will help you file your taxes efficiently and with relative ease.
5. Do more research for yourself
Research more for yourself, it may help you in the long run.
Things you may want to research include:
- Different things you can write off on your taxes.
- How to file expenses for work or medical fees.
- How much student loan interest you can write-off.
Some useful websites include:
- http://newsroom.hrblock.com/first-time-filers/
- http://newsroom.hrblock.com/right-financial-documents-key-to-smooth-tax-filing-experience/
- https://www.irs.gov/publications/p970/ch04.html
Hopefully, these tips will help you.
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