Tax season is coming up, and it affects people of all ages, including college students.
Not all students know how the process works.
“It was my first time doing taxes at all, and so I didn’t understand that I actually had to do them,” freshman Sarah Johnson said. “I thought it was going to be a straight forward process, but it wasn’t as cut and dry as I wanted it to be.”
Other students aren’t given the chance to file due to employers simply looking over them and having them give their forms to their parents.
“In my current job, my boss emails our W-2 forms,” freshman Heather McPherson said. “I asked him the other day what to do with my W-2 form, and he said just give it to your mom and she’ll take care of it.”
Because filing taxes can get confusing for students, Charles Frasier from the College of Business shared a few tips for tax season. Frasier is an accounting teacher at Lipscomb, and worked as a tax accountant.
“The first thing to keep in mind is what is the deadline,” Frasier said. “I think most people know that it’s April 15th. It might also be interesting to know that if for some reason you’re unable to file your return by April 15th, there is a form to file where you can get an automatic extension of your return.”
Once employees apply to have an extension, they have six months to file the tax return form. Students have the option of filling out a physical form or an online form.
Students also need to know that they are able to file a form for self-employment. Anytime a person is paid, whether it is by cash or check, they must report the income. A separate form will need to be applied if taxes are withheld.
E-filing is also an option for students who make less than $60,000. The IRS provides an e-filing system.