Tax Season - What Students Need to Know

Ah. Tax season. That magical time when everyone is usually miserable because they put off doing their taxes till the last possible minute. If you are a student you may not need to worry since your parents may claim you and file your taxes with theirs. But, the unlucky ones, may have to do some prepping and planning of their own. Take heed students and recent graduates: this year take your taxes in early but before you do here is what you need to know.

Before you start gathering your paperwork, check with your parents. They may claim you as a dependent. If your parents claim you as a dependent and you file separately by accident, expect a nice letter the IRS asking that either you or your parents amend the returns. Read more…