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How should a college student filing for taxes for the first time go about it?
Wiki User
∙ 16y ago
A very reasonable question!
And I've even taught college tax courses..so I'm glad you asked.
Taxes are the types of things too many people make a very big deal about, probably for no particular reason. And, considering they are things you'll likely have to deal with your entire life, it just makes common sense to start doing and learning it for yourself. really, no one will ever do as good a job of filing, or planning your financial and tax situation than yourself.
Your starting at a very good time...once these things were all done by hand. Not only did that make it functionally difficult, addition errors, wrong form lines, were common and changes, etc were all difficult.
Using any of the popular softwares, which are generally very cheap (like $10 after rebate, with some free certificates for efile etc)...and simply following the program will work just fine. They normally have a method of doing it quick or doing it long...basically, do the long method (it really doesn't take long), which will ask you questions...most of which won't be applicable to you (like perhaps things about your home mortgage interest), but will expose you to the things that can make a difference to taxes. It will also pick up and qualify any potential tax benefits for your schooling...HOPE credits, that type of thing. Even setting up a test person and doing the Q&A, (you know, as if you weren't a starving college student...but a highly paid exec with a little side biz, etc.)...gives a great learning opportunity.
Alternatively, to save even buying the program, there are online filing programs available for free...all also excellent:
http://www.irs.gov/efile/article/0,,id=118986,00.html
Go for it!
A very reasonable question!
And I've even taught college tax courses..so I'm glad you asked.
Taxes are the types of things too many people make a very big deal about, probably for no particular reason. And, considering they are things you'll likely have to deal with your entire life, it just makes common sense to start doing and learning it for yourself. really, no one will ever do as good a job of filing, or planning your financial and tax situation than yourself.
Your starting at a very good time...once these things were all done by hand. Not only did that make it functionally difficult, addition errors, wrong form lines, were common and changes, etc were all difficult.
Using any of the popular softwares, which are generally very cheap (like $10 after rebate, with some free certificates for efile etc)...and simply following the program will work just fine. They normally have a method of doing it quick or doing it long...basically, do the long method (it really doesn't take long), which will ask you questions...most of which won't be applicable to you (like perhaps things about your home mortgage interest), but will expose you to the things that can make a difference to taxes. It will also pick up and qualify any potential tax benefits for your schooling...HOPE credits, that type of thing. Even setting up a test person and doing the Q&A, (you know, as if you weren't a starving college student...but a highly paid exec with a little side biz, etc.)...gives a great learning opportunity.
Alternatively, to save even buying the program, there are online filing programs available for free...all also excellent:
http://www.irs.gov/efile/article/0,,id=118986,00.html
Go for it!
Wiki User
∙ 16y ago
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