With the looming date of April 15 coming up, many students are on the edge of their seats.
Some are still in the stages of filing their returns, some are waiting hopefully for a hefty tax return and others are still questioning whether or not they should file.
With only a month left, some of these students have less than ample time to tie up loose ends and get their expenses squared away.
Kathleen Roma of Kathleen Roma and Associates gave advice for those still considering whether or not they should file. She first warned that students should always check with their parents before filing on
“Many times I have issues filing the parents return because the student jumps on the Internet and files their tax return, but does not understand that they do not claim themselves,”
She encouraged students to make sure their parents are not claiming them before going ahead and filing online, stressing the fact that filing can be significantly smoother for both the parent and the student if they file through the same accountant.
Sophomore English major with an emphasis in linguistics, Kyla Gentile, has already finished filing her taxes online.
“I always file my taxes electronically,” Gentile said.
“Get help so you do not miss out on the tax credits for education,” Roma explained. “Your employer withholds the tax you direct them to withhold when you complete the Form W-4.”
This means if a student tells their employer to withhold too much on their W-4, they will receive a tax refund, but if they end up telling their employer to withhold too little, they will need to pay extra at the end of the tax season.
While breaking even is generally seen as a success, many students hope to receive some sort of return to use on their various
Roma explained how most students have the ability to receive a refund because many employers withhold taxes from their paycheck.
If a student files, they generally receive most, if not all, of these taxes as a refund.
She also noted how students who are claimed by another can make up to $6,100 without having to pay any income tax on wages.
“Most of the people I’ve spoken to don’t receive a tax return, or they don’t receive as much as they could,” Gentile said.
However, Gentile said this may be for the best.
“Whenever I get huge sums of money I tend to go a little out of control, and before I know it, my entire refund is gone and I have no idea when or where I spent it,” Gentile said.
Roma advocates for putting at least some of your tax return aside.
“If you do not have some money set aside for emergencies, a refund is a good time to set some aside,” Roma said.
She also explained if one is maintaining a solid budget and living within it, “maybe it’s extra fun money.”
Gentile plans on spending some of her return to boost her mood.
“College is stressful, and lightening the mood for at least a little while is a great way to keep yourself from being burned out,”