Tax Tips for College Students

Always File
A lot of college students do not work full time, or at all, while in school and therefore are not technically required to file a tax return. However, it is smart to always file a return, regardless of your income, as it is better to be safe then sorry and you might even qualify for a refund. 

Get Help
Getting help on your taxes is nothing to be ashamed of. The IRS website has answers to hundreds of questions, and has special sections to help taxpayers filing a return for the first time.  Also, you may want to hire a tax professional or accountant if you do not think you can prepare your return on your own. 

Tax Credits
The government has dozens of tax credits designed to help college students; you just have to find them. By going to the IRS website, you can easily find a list of credits available to students as wells as the information that you will need to find out if you are eligible or not. 

Check the Numbers
No matter what strategy you use to file your taxes, be sure to check all the numbers before you send it in. You would be surprised at how many people send in tax returns with an incorrect social security number or address.

Start Early
Waiting until the last minute to file is not always the best idea for a student. If you want to take full advantage of available deductions then you should prepare your return early. This way you will have ample time to sort out any problems or incorrect data. The IRS has representatives available to help you, but they can be a little bit harder to get a hold of towards the end of tax season.

Beware of the EZ Route
Filing a 1040EZ may be 'easy', but it can also get you into trouble if it is not the right form for you. Before filing a 1040EZ you should check to see if your parent claims you as a dependent, as you cannot use this form if another taxpayer claims you as a dependent.

Loan Deductions
If you received any student loans in the past year then make sure to look into student loan interest deductions. Instructions on how to deduct these expenses as well as whether you qualify can be found on IRS Form 1040 as well as IRS.gov.

Make a Copy
After all is said and done, checked and double-checked, make a copy of all your documents and forms before sending them in. Although highly unlikely, if the government does not receive all of your information or claims you did not send it then you will be glad you kept an extra copy. Additionally, you can also use your completed return as a guide for next year!