Some Help With Understanding Taxes
Taxes are quickly approaching and are due April 15th.
It’s that time of the year again, tax season. Taxes are not just for parents and teachers to worry about. Many students will need to file taxes this year based on earning from part-time employment.
Each person that works is required to pay taxes after he receives his W-2. A W-2 is a form that is given to an employee with all the financial information over the past year on it. Without this sheet, one cannot file taxes. The final day to pay taxes is April 15th.
A person must pay his state and federal taxes. Normally the state taxes are taken out of the paychecks over the course of the year but be careful, because if your job is out of state, you may have to pay both states’ taxes.
There are multiple places a person can file their taxes at either in person or online. Two examples would be TurboTax which is online, or H&R Block which would be done in person. Another option would be to file your taxes on your own, such as Mrs. Kristen Williams, Tunstall’s drama teacher.
Starting at the age of 18, Williams begin filing her own taxes. “I file on my own because it’s cheap, convenient, and it’s easy,” she said. By using freetaxusa.com, Williams is able to file her taxes in a way that works for her. “I enjoy filing on my own because I can control it and I am kind of a control freak. Also I know what is done.”
A way to stay organized over the year, especially if you are filing on your own, would be to stay organized. “Paying taxes is pretty simple. Put everything in a folder once you receive it so that you will be prepared,” said Williams.
Many students also pay taxes such as senior Braxton Motley. Motley began working at the age of 17 at Steve Padgett’s Danville Honda. He begin filing this year and uses TurboTax. When he gets his tax returns back he plans on putting them into savings so that he can save up for things in the future.
Taxes may seem difficult when you first begin tackling them, but just remember that they are honestly not that hard. Just stay organized, try and understand how to file your taxes, and don’t become overwhelmed.
Go to http://blogs.hrblock.com/categories/taxtip/ for many interesting articles that can answer any pending questions on filing taxes.
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Mary Kate Welch is a senior and this is her first year as a member of the Trojan Messenger staff. Along with taking all AP classes, she is a member of...
