Are you currently a college student? If you answered yes to
that question, then your mind is probably focused on things like grades, books,
and whether or not you need to drop that ridiculously hard class.
In fact, taxes are probably the furthest thing from your
mind. And, while that may be the case, the fact of the matter is that, if you
are earning money, then, in most cases, you do need to file taxes.
In fact, doing so could ultimately lead to a refund, which
could really help out that student budget that you’ve been living on. And,
while an accountant is the best person to help you sort out your tax situation,
which can be a bit tricky for students, learning the basic things you need to
know can be super helpful for appropriately filing your taxes.
What’s Your Status?
First things first, in order to file taxes appropriately,
you need to first figure out what your status is. And, no, we’re not talking
about your Facebook status! We’re talking about your tax filing status.
Students will need to file for taxes as “dependent” or
“independent”.
Dependent students are those who get claimed on other
people’s taxes. If someone else, like Mom or Dad, is claiming you, then you
file under this status and will need to know and report your parent’s income
when you file.
Independent students, on the other hand, are not claimed as
dependents by anyone and can file of their own accord.
If you are unsure of your status, then the first step toward
figuring it out is to speak with a financial professional.
Tax Credits
Another thing that you should be aware of, as a college
student, is that there are many relevant benefits for which you may qualify.
These benefits can help you to save money, pay less in
taxes, and even potentially get more of a refund when the time comes.
While you can research these benefits on your own, you’re
much more likely to find them all and get them in the right and most beneficial
way with the help of a tax professional.
As a college student, you may think you’re too young to be
working with financial professionals, but, really, it is never too early to
start!
Do things the right way from the get-go and help yourself as
much as possible by starting early and getting financial help now, while you’re
still a student. You’ll thank yourself later!
No comments:
Post a Comment