POINT OF VIEW COLUMN: Filing taxes isn't a pain - it's profitable
By Mandie Gracey
It's that time of year again. Across the country, millions of Americans have begun the grueling task of filing their individual income tax return. The picture society associates with tax season can be scary for many individuals. Society has stereotyped income tax filing as a burden, but what about a benefit: receiving a refund.
Every year thousands of Americans miss out on refunds because they do not file their taxes claiming that "I didn't make enough money to have to file," "My parents claim me so I can't file," or "I've never received much of a refund, so why bother." These are common misconceptions.
As a student, even if you are claimed on someone else's tax return, you should still file and possibly be entitled to a refund.
To comply with the law, any single person who has earned over $4,400 or has accumulated interest of $700 or more is required to file. Married couples with gross earnings of $3,675 or more are also required to file.
Fear not, however. Filing doesn't necessarily mean you must pay the government large amounts of money. Filing is simply a way to declare earnings, and although you may have to pay some tax, chances are you will receive a refund as a result of overpaying federal and state taxes.
Even if you're not required to file due to low income, you can still file to receive a refund of taxes you paid.
For example: John Jones is claimed as a dependent on his parents' tax return and he had a part-time job. John's W-2 showed wages of $924, federal taxes withheld of $64 and state taxes withheld of $18.
John uses a 1040EZ form to file. He follows the instructions line-by-line, and when done, the form shows a refund of $64. For the price of a stamp and 30 minutes of his time, John will receive a check for $64 in six to eight weeks. Even though $64 isn't a lot of money, it will help pay for books, gas or personal items.
Filing taxes isn't expensive either. Tax forms are available, free, at many area post offices and libraries, including IVCC. Your employer is required to have your W-2 form in the mail by Jan. 31, and it will arrive free of charge.
If you have trouble filing, you can call the I.R.S. hotline, 24 hours a day, at 1-800-829-1040.
So, go ahead, file that return and find out if you can get a little extra spending cash.