For college students, tax season comes along with the peak of spring semester.
Having one more task to deal with can seem overwhelming for some, but accounting professors at Salt Lake Community College hope to reassure students around tax time.
“You know this [process] gets complicated, but I think the first thing to know is: do you even need to file a tax return?” said Corrine Anderson, associate professor of accounting and a certified public accountant (CPA).
Depending on how much a student makes and whether or not they had taxes withheld from their checks, the answer may vary, she explained.
Anderson said students also need to find out who’s going to claim them as a dependent. This is determined by a student’s housing and financial situation. Some students may claim themselves, while others will be claimed by their parents, resulting in changes to who is eligible for certain tax benefits, she said.
Wendy Gunn, associate professor of accounting, stressed the importance of knowing about educational tax credits such as the American Opportunity Credit and the Lifetime Learning Credit. These credits vary slightly in the amounts students can receive — ranging from up to $2,000 to $2,500 — and only one credit can be claimed at a time.
Knowing which documentation students will need and gathering the documents early is an important part of the process, Gunn added. Paperwork may include forms like a W-2, which shows income earned during the year as well as the amount taxed. Other documents students may need include a 1098-T form for tuition or a 1098-E form for student loan interest.
Anderson suggested students keep in mind that taxes are due Tuesday, April 18. She mentioned that it may be helpful to treat it like another course assignment deadline, something students are familiar with.
Gunn pointed out free resources available to students, including the IRS Free File. The public can use this tool to file federal taxes without cost for a simple tax return, which applies to the majority of college students.
There are also VITA (volunteer income tax assistance) sites located around the valley, which offer free tax assistance. Student can also visit the Westminster tax clinic, where SLCC accounting students volunteer.
“I want college students to realize you can do your own taxes,” Anderson said.
