While this spring hasn’t exactly been typical (at least weather-wise), Tax Day is quickly approaching regardless. This year, taxes are due on April 17, 2018.
If you’ve already done your taxes – congratulations! Save this post for next year. If you’ve procrastinated to now (the final weeks before the deadline), here are some tips to help you file your taxes with ease!
Always file if you have had taxes withheld on your paychecks
While the law states that a dependent who earned less than $6,350 in the tax year doesn’t have to file a return, you should still file anyway! Filing taxes is the only way to get that money back. Otherwise, you have probably just given the IRS a donation.
Know how to access your W-2 forms
W-2 forms have a history of your pay and the taxes taken out from the past year. Most employers will send these to you in the mail. If you were a Miami employee in 2017, your W-2 is accessible on BannerWeb under “Employee Services Online.”
Know your “dependent” status
If your parents still claim you as a dependent – and most do – you cannot claim any tax exemptions. In general, parents can claim their children until the age of 19 – but if you’re in college, the age extends to 24. You should still file your taxes, but you’ll have to indicate on the form that someone else is claiming you as a dependent.
Get all of your tax documents together in one place… before you start
You’ll be getting forms mailed (or provided online) at various times, usually in January, and it’s best to have all of these in front of you when you are starting your taxes.
Check with your parents to see what forms have been mailed home. Some of the forms that you may receive include:
- W2 (from your employer)
- Form 1098-T (tuition statement from Miami)
- Form 8863 (to see if you qualify for education credits)
- Form 1098-E (interest on student loans)
File your taxes for free
Websites like H&R Block and Turbo Tax can help you file your taxes with no additional cost. You just have to plug in the information and they’ll calculate everything for you! Although be careful – they’ll try to upsell you on additional features!
Double check for mistakes
Speaking of inputting information, make sure that the numbers you put in are correct. Filing taxes is not something you want to mess up, even accidentally. It’s annoying to file a correction to your taxes months later!
Don’t forget local taxes
While federal and state taxes are usually grouped together by tax filing websites, local taxes are often left up to your town. Like with W-2 forms, most localities will mail you instructions. Some towns will even let you file online.
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Filing taxes may be frustrating, especially if it’s your first time. Use these tips and tricks to make the process a little bit easier! Good luck!
