Grow Up: File Your Own Taxes
Adriene Similton
Issue date: 2/4/10 Section: News
Step 1: Enroll in College
Step 2: Go to Class on Time
Step 3: File Your Taxes?
Okay, so maybe learning to file your taxes wasn't initially on your "How to Grow Up" list. But believe it or not, completing this task is a giant step forward to adulthood.
With the further development of the internet, several major tax preparation companies now offer their services online. Many of them also offer free Electronic Filing of your Federal taxes.
If you made over $5,700 as a dependent, or $9,350 independently, you must file your taxes. This includes Federal work study programs.
Here are a few easy tips to remember as you start.
Start Early
W-2s can take weeks to arrive but by now, you should have most of the necessary forms. Even if you don't, most online programs will allow you to save. This means that you can at least put in what you have gathered to save you time down the road. Similarly, if the economic situation resembles anything like last year, filing state returns early is a must. Furthermore, if you need assistance with filing, allowing yourself a little extra time will ease the trouble of finding help. Remember, many of your professors, specifically those in accounting, have the know-how to guide you through.
The Internal Revenue Service (IRS) also offers online assistance.
Take Charge Weekends
Set aside a weekend and devote yourself to your taxes. Start on Saturday, take a few breaks in between and you'll have it done in no time.
Then on Sunday, go back over your numbers to make sure you've got it right. Likewise, you can use the week to seek out any needed assistance.
Practice Makes Perfect
If you've never filed your own taxes, try it on paper first. Not everyone is internet savvy, so print off a few forms and start with pencil. This may also speed up online filing.
Take Advantage
Several credits and deductions are available for college students or your parents, if they're paying for your college. Take advantage of the Hope Scholarship Credit, Lifetime Learning Credit and the Higher Education expenses deduction. Most online programs will show you in depth information about each credit, including if you qualify.
Step 2: Go to Class on Time
Step 3: File Your Taxes?
Okay, so maybe learning to file your taxes wasn't initially on your "How to Grow Up" list. But believe it or not, completing this task is a giant step forward to adulthood.
With the further development of the internet, several major tax preparation companies now offer their services online. Many of them also offer free Electronic Filing of your Federal taxes.
If you made over $5,700 as a dependent, or $9,350 independently, you must file your taxes. This includes Federal work study programs.
Here are a few easy tips to remember as you start.
Start Early
W-2s can take weeks to arrive but by now, you should have most of the necessary forms. Even if you don't, most online programs will allow you to save. This means that you can at least put in what you have gathered to save you time down the road. Similarly, if the economic situation resembles anything like last year, filing state returns early is a must. Furthermore, if you need assistance with filing, allowing yourself a little extra time will ease the trouble of finding help. Remember, many of your professors, specifically those in accounting, have the know-how to guide you through.
The Internal Revenue Service (IRS) also offers online assistance.
Take Charge Weekends
Set aside a weekend and devote yourself to your taxes. Start on Saturday, take a few breaks in between and you'll have it done in no time.
Then on Sunday, go back over your numbers to make sure you've got it right. Likewise, you can use the week to seek out any needed assistance.
Practice Makes Perfect
If you've never filed your own taxes, try it on paper first. Not everyone is internet savvy, so print off a few forms and start with pencil. This may also speed up online filing.
Take Advantage
Several credits and deductions are available for college students or your parents, if they're paying for your college. Take advantage of the Hope Scholarship Credit, Lifetime Learning Credit and the Higher Education expenses deduction. Most online programs will show you in depth information about each credit, including if you qualify.
Be the first to comment on this story