Google search on “how to file taxes.” Joe Addison // AS Review
By Jack Taylor
For many students at Western, going to college means getting your first job. Even if it is a part-time job, every one of us fills out a tax form when we get hired. Tax season begins on Jan. 27 and runs until April 15.
For those who don’t know, according to Investopedia, a tax return is a form filed with a taxing authority, such as the Internal Revenue Service, that reports income, expenses and other tax information. It is up to your employer to send your W-2 form to you by Jan. 31, so you can begin filing.
However, for many first-year students, this may be the first time filing taxes. I know I was in over my head the first time I had to file taxes. In fact, I did everything on paper believing that that was the only way to file. But that is not the case at all.
So before you get out your pen and purchase stamps and an envelope, take a look at these handy tools that should make filing taxes a bit easier.
Handy sites like H&R Block and TurboTax are helpful and offer most of the forms for free. These online services will digitally file your tax return so long as you have all the information it needs. These sites will even send in the tax return for you, so you do not have to waste paper.
Most people will have to file a 1040 form which is the standard tax form used for personal federal tax returns. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government.
However, even if you can be claimed as a dependent and did not meet the minimum income amount to file, which is $12,200, it is still recommended that you file in case your employer withheld money from your paycheck. Taxes initially started as a way to fund the Civil War. However, the federal income tax was enacted in 1913, according to Investopedia.
Additionally, students may have to file a 1098-T form which is also known as a tuition statement. If a student qualifies for the service, expenses such as tuition and course materials may be covered.
A handy timeline found at The College Investor will show you when to expect your tax return depending on when you filed.
However, due to a new law Congress passed last year, even if you file early, the IRS has to hold your tax return until Feb. 15. So even if you are ahead of the game, you won’t be getting your tax return early.
If you forgot to file your tax return, don’t panic. There is technically no penalty for not filing your taxes. While there are penalties and fines if you owe the government money, you have up to three years to file a return and get a refund according to H&R Block.
If you need help filing taxes or want to know more about the process, Bellingham has several accounting firms that are available to consult on tax-related issues. Local businesses such as Andrews Tax Accounting and Bellingham CPA Taxes and Accounting offer services that can help ease the stress of filing taxes.
So take a deep breath before starting your tax return journey, after all, this is just a part of growing up.