As a student, there are many questions you may have when it comes to your taxes. Filing may feel more like homework, however, there’s usually one difference-a cash reward! If you’re not sure about your options or if you even have to file, keep reading.
As you get older, more responsibilities are added to your plate. One of those responsibilities is your taxes. It’s complicated, we know, but it must be done. If you think you’re the only one with questions, think again. Every year, thousands of taxpayers seek out help from local CPAs to get things done right. With that being said, don’t be afraid to ask for help when it comes to filing. To help make the process easier, make sure that you’ve got all your documents together before sitting down to accomplish the task. Verify that your information on your W2’s and/or any school documents are correct; immediately contact your employer or school if you find any incorrect information. Also, make sure to do some investigating and research various programs you may qualify for.
As a student there are a few education credits such as the Hope Credit and the Lifetime Learning Credit that could save you up to $3,600. These credits are designed to help offset the costs of higher education-take advantage of them!
There are various ways of making this a less painless process. Get an early start and check out your options and familiarize yourself with the common tax forms. You can also get your taxes done for free by visiting your local Volunteer Income Tax Assistance (VITA) Program Center. These VITA centers are positioned to offer free help to low-to moderate-income people who cannot prepare their own tax returns. To find a center nearest you, call (800) 829-1040.
If you need more help in understanding the how’s and why’s of taxes, visit the Internal Revenue Service site at http://www.irs.gov/app/understandingTaxes/student/index.jsp.
Also, The North Carolina Association of Certified Public Accountants has financial experts who are media-trained and available to speak on these and other important financial topics to enhance your stories. To schedule an interview, please contact me at (919) 481-5153.
