College students are usually the ones that are soon to be filing their own taxes if they have jobs and these few tips will be very helpful to you.
1. It is a must that you file taxes on any income that was over $6,100 and if your income wasnt then you do not have to file. Here is the loophole to this entire thing; if you had taxes withheld from your check even if the income is less than the required amount, you should still file taxes because you may find that the government owes you some money.
2. If you are a student that is being claimed on someone elses taxes then you are not allowed to claim any exemptions and if you are not being claimed on your parents taxes but you are still considered a dependent you are still not allowed to claim exemptions. It is important for you to find out your status as far as if you are considered a dependent or not.
3. Sometimes colleges have free tax help for the students and if this is the case at the college that you attend then this is a great service for you to take advantage of if you are in need of some help or maybe if you just need a few pointers.
4. Start prepping your taxes early. The deadline to file is April 15th but you will want to give yourself some time to make sure that you have all the information that you might need. There are plenty times when a W2 is misplaced and you might have to call your employer to receive another copy or you may have to call the IRS to receive your tax transcript and either of these may take some time to get to you.
5. If your household income is lower than $58,000 then you should not be paying anyone to prepare your taxes for you. The IRS has tax filing software that is available to everyone that has a $58,000 and lower annual income and it is absolutely free. You really dont have to know much about taxes in order to follow the directions that they give to you. The instructions are really easy to follow and if you dont understand or are confused you can always google what you are unsure about to get your clarity.
6. Now, if you are a student that is paying for your own education then this is an exemption that you are entitled too. You want to make sure that you find out if you are eligible for an education credit or earned income credit.
7. It is best to file your tax return electronically because this way you are less likely to have your identity stolen and your return stolen because the mail is not secure.
8. Never forget to sign and date your income tax return because if you do then the return will not be filed. Always take your time and proofread just in case you have made any mistakes.