When tax season comes around, the worry of filing is amplified, and the student tendency to procrastinate gives students even more reasons to be cautious.
This week’s Ted on the Street will scrutinize the taxing world of finances and how students prepare for filing taxes.
The Skinny
A recent poll in the Associated Press said that 54 percent of tax filers e-file, and the number is increasing. Steve Fisher, chairman of the department of accountancy at Cal State Long Beach, said e-filing is the best form of filing.
“It is probably the fastest way to file and get a refund if you’re filing last-minute,” Fisher said. “Security is the biggest worry because a lot of people worry about their social security numbers getting out there, but with e-filing, it’s the safest way.”
This year, the date to file taxes was extended from April 15 to today.
“It gives people a little more time to procrastinate,” Fisher said. “The best thing for a student to do is file early. Money is worth more to you than in the hands of Uncle Sam.”
The Street
Many of the students approached for this story either don’t file taxes or have someone else file for them. Those who do file discussed the positives more than the negatives of taxes.
Rebecca Hurst, sophomore child development major, said this year was her first time filing.
“I just used Turbo-tax and filed online and it was a lot easier,” she said. “I was nervous at first, but then I thought, ‘Woo-hoo! I get money back.’ You just have to do it and you can’t be lazy.”
“I just hand it over to my dad,” said junior psychology and women’s studies major Erin Nakamura regarding her tax information. “We use Turbo-tax…don’t procrastinate. Do it right away.”
Ted Concludes
We are all aware of the stereotype that the IRS is an evil government entity that will audit you if you make a single mistake on your tax return. But there’s a plus side.
The verdict? E-filing: Utilize this resource. Considering the amount of safety nets there are online these days, it’s probably the safest and fastest way to file taxes. Turbo-tax: A beautiful program that can save time and money. This program will take you step by step and is perfect for first-time tax filers.
