If you’re coming out of college and experiencing life on your own now and making decisions for yourself, one of your requirements is you have to file your taxes. This may seem like a scary step into adulthood, but it doesn’t have to be.
Filing your tax return could mean that you will get some money back from the taxes you gave to Uncle Sam. Here are some ways you can maximize your refund if you are eligible for one. First, know your dependency status. If you are still listed as a dependent on your parents tax return, you won’t be able to claim your tax breaks. However, if you are paying your way through college or out living on your own after age 24, take advantage of the tax cuts that filing as an independent individual can offer you.
Another important thing to remember that many college students and young adults face is paying to file your taxes. At the end of the day, this is the simplest your tax returns will ever be and chances are you don’t need to pay someone to do it for you. Learning how to do it yourself or using free tax preparation services can also benefit you greatly.
As you grow older and become an adult, make sure you stay on your feet with your finances, especially when it comes to your taxes, and you will be good.