April 15 comes around every year, but it holds a little more importance than just your average day. It marks the end of tax season.
All taxpayers are eligible to file to claim a standard deduction. Your age and the amount of income you make are the two main factors in deciding the result of your tax return. In order to file for taxes, a tax form must be acquired. This type of form shows an annual statement of income and personal circumstances used by the tax authorities to assess liability for tax.
According to Ellen Terrell from Business Reference Services, April 15 wasn’t always the deadline to file taxes. In 1913, after the passage of the 16th amendment, Congress specified the tax deadline to be March 1. In 1918, Congress pushed the deadline forward to March 15, which remained the deadline until 1954 when it was moved to April 15.
There are many different approaches to take when filing for taxes. The oldest approach is to take your taxes to an accountant or a tax advisor. Although this may be the more expensive approach, having a tax advisor prepare your taxes takes a lot of stress out of the season.
Filing taxes online is another approach and has become a more popular approach due to the convenience it provides to taxpayers. Online tax sites turn out to be the fastest method when filing for taxes, but if all else fails, filing taxes by snail mail is always an option as well.
Most college students just hand their taxes off to their parents because they haven’t been taught how to file for taxes.
“I usually get my dad to help me out with my taxes because he’s really good at them,” said sophomore Raul Reynoso. “But whenever he needs help I know he takes them to an accountant.”
“I give all my W-2s to my personal accountant (my mom) and she does it all online,” said junior Alexis Paulan.
The multiple forms, the preparation to begin the filing process and the stress that comes with tax season forces students to become less prepared to learn the process.
“I just started taking tax classes this term (for my major) so I am not too familiar with everything about taxes yet,” said Junior, Trinette Gardner. “Luckily, the accountant for my mom’s piano store handles my tax return so I don’t have to figure that out. But I am learning how to file a tax return in my class. I have also learned that it is super complex to fill everything out correctly.”
The thing most people look forward to when it’s time for a tax refund is the benefits the refund provides. Going through school can be hard on your bank account, but having a little extra cash come back your way is always a plus.
“I would say taxes returns are beneficial because it’s some extra money that you get back and it’s sometimes crucial when you are making big payments like on a house, a car or school,” said Reynoso. “I know I like to split my tax refunds between school and just stuff I need. Overall, I think they’re great, but you really need to know how to file (your taxes) properly to get a good tax refund.”
Like Reynoso, many students like to divide up their refund between school payments and personal spending money. It’s a tough decision when it comes to how someone spends his or her tax refund.
“I believe tax refunds are essential to the work place and society because it allows employees to look forward to a new year and hopefully have money come back to them, kind of like a hidden bonus,” said sophomore Jordyn McFarlane. “Personally, extra money I (receive from my tax refund) will go to my savings account to help with school. I think tax refunds are a great deal although it’s touchy having them taken from you in the first place.”
Being a college student myself, I am also struggling with school payments that approach quickly throughout the year. There is always that temptation to blow your tax refund on fun.
“I have never filed taxes before, but if I received a tax refund I would put it towards my spring break vacation,” said freshman Jessica Stewart. “A group of us will head down to Florida for the week and a tax return will definitely help with the expenses to ensure we have a great time.”
“When it is time to file taxes my mom takes care of it for me, so I don’t know that much about filing taxes,” said sophomore Alex Smith. “But when I receive my tax return I use it for extra spending money. I love to shop!”
So whether you receive a large or small tax refund, there are always benefits to filing for a tax return. It may be a long process, but it’s worth it in the end.
As the commercial for H&R Bank advertised, “get your billions back America!”
