Lifestyles

 

 

Ten tax tips for busy college students and parents

By Leanna Gable
[email protected]
Assistant Editor

Every year students await the April 15 tax deadline, procrastinating until the last minute,often causing themselves heartache.

Debbie Cope, independent CPA from Trenton, Ga., gives ten tips to make the process of filing your taxes go smoothly.

1.) Actually file your taxes. This sounds obvious, but some college students don't make enough money to �have to� file. If you paid taxes from your paycheck, you have a refund coming.

2.) File your taxes early. This also sounds obvious, but if you get your taxes filed sooner, you will get your money faster and there will be less stress about the pending deadline.

3.) If you file your taxes yourself, give yourself time to do it. Don't sit down and expect to finish in 15 minutes. Like studying, do it in chunks and take breaks.

4.) If you file your taxes yourself, practice on paper first, even if you file electronically, to help avoid mistakes.

5.) If you are involved in work-study, make sure that you are taxed from you checks for your earnings. Otherwise, at the end of the year, you will owe the IRS money.

6.) Filing taxes online or on the phone may save you time and money. Also, some tax software allows you to check your numbers or it may even do it for you.

7.) Always keep a copy of your tax returns because when you file for financial aid again, you will need these documents to do so.

8.) If you qualify for a tax-credit program, use it! There are three of these programs:

The HOPE Scholarship Credit

The Lifetime Learning Credit

The higher education expenses deduction

But, you or your parents may only use one per year, so choose the one that is best for you.

9.)There is a savings program that is used to pay for college called a Section 529 that allows money to grow tax-free. Withdrawals are also tax-free if they are used for higher education.

10.) When you finish your tax-returns, don't mail them immediately. Wait a few days, review the contents and if everything still looks clear, mail away. This helps avoid errors from staring at the same document all weekend.

Students who are ready to file their taxes can find Federal tax forms online at www.irs.gov. The link to the forms is on the page along with instructions.

Students who are ready to file Georgia state taxes can find forms and instructions at www.etax.dor.ga.gov/. These forms are slightly harder to find since they are at the bottom of the page.

The �Six Mile Post� is not responsible for errors made by students filing their taxes after reading this article.