Taxes: Get them right!
by MEGHAN MEEKS
Issue date: 2/8/10 Section: Connections
Taxes: It's that time of year again. Amid registering for classes, homework and school activities, doing your taxes may not be on the top of your to do list.
There are many ways you can make the most out of doing your taxes to ensure you get the biggest return check you can in the mail.
File. That's right; you can't get a refund if you don't file your taxes.
Even if you didn't make enough money during the year to be required to file, if the government took money out of your check, you've got a refund coming to you.
Make sure you have the right forms. Whether you need a 1040EZ or some other form, making sure you have the right form will ensure accuracy, less of a chance of an audit and a bigger refund.
Make sure you have all of your W-2s. Not having all of your W-2s listed on your taxes could result in you losing big money. Making sure all of your W-2s are entered ensures you have the maximum chance for a good return.
Are you a dependant? If your parents pay more than 50 percent of your yearly expenses, they are entitled to claim you on their taxes.
A quick call home to the parent to check on whether or not they are claiming you is highly advised.
Depending if you claim dependant or not will greatly affect your refund amount.
Make sure you claim any interest paid on your student loans.
Have a student loan? If you've been paying on them, you're able to claim any interest paid on the account each year.
According to irs.gov, you are allowed to claim interest paid up to $2,500 each year.
How's that for your wardrobe budget?
Determine where you live.
I know it sounds insane, but if you're going to school in Georgia and go home in the summer out of state and work at the pizza place for a few weeks, there might be a chance there are two states wanting your income tax dollars.
Making sure you know where your money is coming from will help clear up any confusion.
Tax time doesn't have to be a headache, and it doesn't have to take up your whole weekend.
There are several different types of at-home software available for you to purchase that will figure out a lot of these by itself.
There are also always the friendly folks down at a local tax filing business.
Whatever you chose, the thoughts of a nice refund check in the mail with your name on it has to be a consolation.
There are many ways you can make the most out of doing your taxes to ensure you get the biggest return check you can in the mail.
File. That's right; you can't get a refund if you don't file your taxes.
Even if you didn't make enough money during the year to be required to file, if the government took money out of your check, you've got a refund coming to you.
Make sure you have the right forms. Whether you need a 1040EZ or some other form, making sure you have the right form will ensure accuracy, less of a chance of an audit and a bigger refund.
Make sure you have all of your W-2s. Not having all of your W-2s listed on your taxes could result in you losing big money. Making sure all of your W-2s are entered ensures you have the maximum chance for a good return.
Are you a dependant? If your parents pay more than 50 percent of your yearly expenses, they are entitled to claim you on their taxes.
A quick call home to the parent to check on whether or not they are claiming you is highly advised.
Depending if you claim dependant or not will greatly affect your refund amount.
Make sure you claim any interest paid on your student loans.
Have a student loan? If you've been paying on them, you're able to claim any interest paid on the account each year.
According to irs.gov, you are allowed to claim interest paid up to $2,500 each year.
How's that for your wardrobe budget?
Determine where you live.
I know it sounds insane, but if you're going to school in Georgia and go home in the summer out of state and work at the pizza place for a few weeks, there might be a chance there are two states wanting your income tax dollars.
Making sure you know where your money is coming from will help clear up any confusion.
Tax time doesn't have to be a headache, and it doesn't have to take up your whole weekend.
There are several different types of at-home software available for you to purchase that will figure out a lot of these by itself.
There are also always the friendly folks down at a local tax filing business.
Whatever you chose, the thoughts of a nice refund check in the mail with your name on it has to be a consolation.
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