The first time that I opted to file taxes was the year I had my first job and first paid internship. Geared from my coworkers’ tales of four-figure refund checks and inappropriate shopping sprees, I headed to a D.C. Public Library branch in Chinatown and waited on the long line of other last-minute filers who wanted to take advantage of the free assistance offered. After a two-hour wait, a fellow college student helped me. It took her all of 30 minutes to assess my paystubs and returns and give me the grand total of my potential refund check – $12. Twelve bucks. I haven’t filed since. This Business Insider story from last year is making me reconsider that, though.
Now technically, you don’t have to file taxes if you make less than $6,100 a year according to Nasdaq. But there are tax breaks that every student should consider, especially the American Opportunity Credit where “students are eligible to claim up to $2,500 for the first four years of post-secondary education.” I don’t know about y’all, but that amount sounds like it’d come in handy (but spend it smartly!). So filing is really up to you. But think fast – there are T-minus two days ‘til the deadline.
[Lead image via Introspective Grad Student]