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RobH4413 02-28-2008 10:41 AM

F...Taxes
 
So I'm doing my taxes early, for the first time in my life, and I was wondering if anyone had any advice on how I should go about this.

I was a full time student throughout 2007 and worked during this entire time. I was curious to see if I can get any tax breaks for going to school.

I'm finished filling out my 10-40EZ and was wondering what else I would need to do to take care of this stuff, without going to a tax adviser. Is there any free software out there that helps with this?

Am I better off just filling out my 10-40 and calling it a day?

Sheriff Gonna Getcha 02-28-2008 11:03 AM

Re: F...Taxes
 
If you are a freshman or sophomore and attend a qualified education institution (e.g., almost any accredited college), you can likely claim a Hope Education Credit. If you are not a freshman or sophomore, you can claim a Lifetime Learning Credit. I think you will need to fill out a Form 8863, which is available on the IRS website.

I can't really offer you much else in the way of advice (since I don't know all the ins and outs of your "situtation"), but the IRS runs the Volunteer Income Tax Assistance Program (VITA). The VITA Program offers free tax help to low- to moderate-income (generally, $40,000 and below) people who cannot prepare their own tax returns. To locate the nearest VITA site, call 1-800-829-1040.

I actually am a preparer for VITA and it is a pretty good deal. The preparers fill out your return for free and it is usually audited on-site by people from your state's department of revenue so you know it is accurate and you are getting all of the credits/deductions you are eligible for. If you go, and I suggest you do, do not go to the VITA site on the weekends during the early morning hours unless you want to wait 1-3 hours to get your return prepared.

Mattyk 02-28-2008 11:06 AM

Re: F...Taxes
 
My advice is to try turbo tax as it will walk you through everything and you won't miss anything. You should definitely get some nice credits for being a student.

Redskins8588 02-28-2008 11:52 AM

Re: F...Taxes
 
I use tax cut and its nice that you dont pay anything until the end. you login and it walks you through everything and when you are done you print out your papers and they send everything where it needs to go, in about a day or 2 you get an e-mail letting you know that the GOV. got and approved your taxes. Then you just sit and wait if your getting refund or not...

jamf 02-28-2008 12:11 PM

Re: F...Taxes
 
There are some free options online. Taxact and taxcut are both recommended by the IRS.
Because it's your first time filing, YOu cannot do Efile.

BDBohnzie 02-28-2008 12:21 PM

Re: F...Taxes
 
Rob, check out turbotax.com. They have a free edition that will walk you through the process...which I imagine will help you figure out what else you can deduct. It also allows you to do eFile for free. And since you are in the State of Maryland, you can print off your Federal 1040 (or 1040EZ) and go to [url=https://interactive.marylandtaxes.com/Individuals/iFile_ChooseForm/default.asp]their iFile site[/url] and file your state taxes for free as well.

mredskins 02-28-2008 01:11 PM

Re: F...Taxes
 
[quote=RobH4413;427074]So I'm doing my taxes early, for the first time in my life, and I was wondering if anyone had any advice on how I should go about this.

I was a full time student throughout 2007 and worked during this entire time. I was curious to see if I can get any tax breaks for going to school.

I'm finished filling out my 10-40EZ and was wondering what else I would need to do to take care of this stuff, without going to a tax adviser. Is there any free software out there that helps with this?

Am I better off just filling out my 10-40 and calling it a day?[/quote]

10-40ez!!!! I miss those days! It is so easy I once filled it out using a crayon. For real and sent it in.

saden1 02-28-2008 01:49 PM

Re: F...Taxes
 
For the first time ever I think I might owe Uncle Sam some money. Usually I don't mind and I done filing by March 1'st because I'm getting back some money but this year is another story. Agh!

RobH4413 02-28-2008 01:51 PM

Re: F...Taxes
 
Thanks for all of the advice guys...

Used turbo-tax and got all the exemptions I needed.... plus I knocked out state as well.

BDBohnzie 02-28-2008 01:52 PM

Re: F...Taxes
 
I'm getting back way too much...so I finally sent my HR Dep't my readjusted withholding. It'll be nice to get that extra money as I go along, instead of in March...

eFiling w/ direct deposit is definitely the way to go. Filed on the 17th, and will have my Federal Refund tomorrow. State of MD I got back last Friday.

Monksdown 02-28-2008 02:42 PM

Re: F...Taxes
 
An accountant will save you money, time, and headaches. I learned that the hard way.

I don't have the focus for it anyway.

firstdown 02-28-2008 04:11 PM

Re: F...Taxes
 
I just filed my 2006 taxes in Oct. and you guys are already getting back 2007 refunds. I guess I'm a year behind but I guess thats what you do when they bend you over each year.

Monksdown 02-28-2008 04:47 PM

Re: F...Taxes
 
I forget i do this every year, but i always have more withheld from my paychecks than is necessary. It's a great money saving(no interest :)) vehicle if you're bad at saving.

Don't **** with the IRS. Lesson learned the hard way with payment plans in the past. It sucks.

FRPLG 02-28-2008 04:51 PM

Re: F...Taxes
 
[QUOTE=Monksdown;427273]I forget i do this every year, but i always have more withheld from my paychecks than is necessary. It's a great money saving(no interest :)) vehicle if you're bad at saving.

Don't **** with the IRS. Lesson learned the hard way with payment plans in the past. It sucks.[/QUOTE]

Or you could look at it this way. You're loaning the government money interest free.

Monksdown 02-28-2008 04:52 PM

Re: F...Taxes
 
I try to idiot proof my life. Which means i need to keep a constant guard against myself.

I know what you're saying, but being short by a lot one year scared the piss out of me.


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