Preparing and filing a tax return is complex, especially when it’s your first time. And while college is a place to learn many new skills, rarely is tax preparation one of them. With this in mind, the guide below offers advice for students on how to receive a quick and satisfactory return.

3 Tips for Individuals Filing Their First Tax Return

1. Don’t Wait Until the Last Minute

College students usually have a lot on their plates, including exams, extracurricular activities, and social obligations. However, waiting too long to file a tax return causes a lot of problems. Not only will the refund be delayed, but you also run the risk of missing the deadline. Get started as soon as possible to reduce stress and avoid penalties for late filing.

2. Ask About Your Dependency Status

Additionally, talk to your parents about your dependency status. When parents claim a child as a dependent, that child is not permitted to list any exemptions on their tax returns. Instead, any refunds they are eligible for will go to the parents. Therefore, if there is a discrepancy between the two filings, the IRS might reach out for clarification. 

3. Take Advantage of Credits & Deductions

College students who are declaring as an independent should make sure to take advantage of any credits or deductions that may decrease their tax burden. For instance, if you’re already repaying loans, you’re eligible for a tax deduction that could potentially save you thousands. Talk to a financial advisor to discuss what other exemptions you may qualify for.

If you need help with tax filing in San Marcos, TX, turn to the financial experts at Master Finance. Not only will they help to simplify the process, but they’ll also look for every applicable deduction to increase your return. In addition, they also offer quick loans for college students or parents in need of assistance. Call (512) 392-6102 to schedule a consultation. Or visit them online to find answers to some of their frequently asked questions.