Do you need to file taxes if you’re a student?
If you’re a student, you’re not necessarily exempt from paying income tax. Student tax filing in Edison can help you prepare a tax return so that you can maximize your earnings, and possibly get that much-needed refund.
If you have received any income, including part-time jobs, summer jobs, bursaries, scholarships or grants, you are required by law to file an income tax return. Fortunately, as a student, you’re eligible for a number of deductions that may reduce the total amount that you owe. You may even be entitled to a refund.
Eligible deductions can include:
Rental costs, either on campus or off
Costs for textbooks
It’s important to keep a filing system so you have all of these expenses at the ready when it’s time to file your taxes. Keeping them in a shoebox is probably not the best idea.
You’ll have to come up with your own system of keeping everything organized; most people find that a filing cabinet is the best way to keep receipts neat and organized. Make sure you have different categories for all of your expenses. For example, have a file folder for rent, one for textbook expenses, one for tuition, etc.
You may think it’s inconvenient to do this, but once tax season comes, you’ll be thankful that you have everything within easy reach. Gather all of your documents and take them to your tax preparer. The student tax filing in Edison professional will enter all of your information accordingly, provide you with any forms needed, and will likely e-file your taxes so you can get your refund even sooner, if you’re entitled to one.
Taxes aren’t anything to be afraid of – they are a part of being a responsible U.S. citizen and paying your fair share. Remember that the more deductions you can claim, the less you will have to pay.