It’s tax time and that’s not only applicable to full-time employees. As a college student, you deserve to claim all of your refunds and credits for your hard earned money. College finances are hard enough to tackle, so naturally, taxes are too right? Not so! With the tips on taxes from this post, you’ll be on your way to completing your college student taxes in no time!
What You Need For Your College Student Taxes
Before you get started on your taxes, you need to gather the key documents. As a student, your necessary tax pieces are few. There may be a few others in certain situations. Those include:
- Your basic information (name, address, email)
- Social security number
- W-2 (tax forms from all of your employers)
- 1098-T (education form from your college)
- Full year bank statements
Tools For Your College Student Taxes
Everyone’s tax process is different due to random expenses throughout the year and special income circumstances. Reading a few F and double checking the IRS credits and deductions will build your confidence in completing college student taxes and getting your biggest refund. The best tool for college student taxes are the free online filing services. As long as you follow the link on the IRS website, you can complete everything for free! My favorite is TurboTax. Their step by step approach takes out all of the confusion when it comes to taxes.
Consider This For Your College Student Taxes
Here are a few important factors to consider when preparing your taxes. These may increase or decrease your tax refund based on personal circumstances.
Independent vs. dependent – If your parents/guardians are unable to claim you as a dependent, you may qualify for tax credits or deductions such as the American Opportunity Tax Credit.
Credits and deductions – Other credits and deductions may work in your favor if you have large medical expenses, student loan interest payments, and more.
Small Business Expenses – If you have a small but successful side hustle on campus, you can “write-off” your business expenses.
Charitable donations – Any contributions you make to your church, charity, etc. can be counted towards your deductions. Search these out on your bank statements to claim on your taxes!
Prepare For Your College Student Taxes Next Year
Doing your taxes as a college student can be less painful than you think. Start preparing for next year early by saving a copy of this year’s tax return, create an account with an online service to save your information, and read a few articles each year for new tips and tricks.