Tax season is officially underway in a race to file by April 16: Tax Day.
The stress from confusing forms and long lines at the post office can be avoided if students prepare ahead of time.
First-time tax filers need to print the proper forms off of the IRS Web site www.irs.gov. They can also go to the Volunteer Income Tax Assistance Program to have their taxes electronically filed for them by a trained volunteer, use a computer program or use a service like H&R Block.
Many of the volunteers with VITA are from Beta Alpha Psi, an honors fraternity for accounting, business and management information systems. The service is free for UB students and low-income members of the community.
According to Timothy Hilker, the president of the fraternity and a senior business major, students should bring their W-2 forms, social security cards, checking account information (if they want their return to be direct deposited) and any other tax forms they may have received to 143 Park Hall.
After filing taxes for the first time, students' forms will be sent to their permanent residence in a packet, said Michael Lombardo, an estate lawyer from Grand Island, who helps clients file their taxes, as well as draft legal documents.
According to Lombardo, there are many ways students can make filing their taxes easier. The forms students need to fill out depend on their income, but the 1040 and 1040A forms are general federal tax forms.
The 1040A form is similar to the W-2 form, except lines for interest and income are added, according to Orest Iskalo, a licensed accountant in Buffalo.
To help themselves fill out the 1040, students should receive a 1098-T form from the university, sent to their permanent address. For additional copies, students can go to the Student Response Center in Capen Hall.
Students should receive a 1099 form from their employer, said Hilker, which is basically an income statement.
Like most things in life, do not wait until the last minute. If sending taxes by mail, be sure to have them post marked by the Friday before. For the procrastinators on April 16, Iskalo says to wait in line at the post office to get a stamp to prove it was in on time to avoid financial penalties.
Iskalo also recommends checking calculations not once, but twice, and having someone with experience in filing tax returns make sure everything has been done correctly.
Whether filing taxes electronically or by mail, students can expect a refund check in the mail.
If taxes are filed with VITA online, the volunteers will receive confirmation the taxes were accepted from the State or the Federal Government a few days later. Students filing with VITA can expect their refund checks in about a week to ten days. If a return does not go through, the tax filer will be contacted and the problem resolved, Hilker said.
Benjamin Carbery, a sophomore business administration major, has survived filing taxes twice before. Despite being a business major and having taken classes in accounting, Carbery recalls struggling with the process.
"Taxes are something everyone has to learn how to do on their own," Carbery said.
Students can benefit from filing taxes even if they are not required to.
"The IRS does not require single students with incomes under $8,450 to file taxes, but if you earn more than that, filing reduces your taxable income and you can end up owing very little," Hilker said.
Students who file may discover they are eligible for either a Hope credit or Lifetime Learning credit. According to Hilker, if a student files with VITA and discovers they would end up owing money, the file is deleted.
"It's good for students to come and file because they can establish a return and get money back. We want to encourage students to file and increase our community service," Hilker said.
VITA is open on Saturday and Sunday from now until April 15 between 10 a.m. and 4 p.m. Those interested in volunteering must attend five to six hour training courses over a two-day period. For general questions about tax returns, students can contact Beta Alpha Psi at bap.zetatheta@gmail.com.
Photo: Courtesy of Laron Fomby
