on
P>age$
• <2tly sta
=> ■ m
✓ house
Aggielife
The Battalion
Page 3A • Thursday, February 5, 2004
1040
AXMAN
ifusion over how to file taxes
has students seeking help
»=>age'
inson
noli
L:
By Kim Katopodis
THE BATTALION
eah Brat/ found a loophole that allows her to have less
money taken out of her paycheck every month — if having a
mi^jL^-year-oUi daughter can be considered a loophole,
can As if students don’t have enough on their minds as tests begin and
papers loom, the impending tax tiling deadline may become another
stress. Students tax needs vary as
different situations require different
forms, payments and exemptions.
The exemption that Bratz, a { ^
junior community health major. j n this
faces is just one of the enigmas
that characterize tax time, which World nothing
will culminate on April 15. the til- can hp to hp
ing deadline.These issues need Can 06 53,0 10 06
certain, except
death and taxes.
Benjamin Franklin
not be a stress on students, said
Dr. Joyce Cavanagh, a family eco-
nomic specialist with Texas
Cooperative Extension.
"With the new electronic tiling
'system available through the IRS.
'students will he able to Tile their
■ the Mtaxes in a way that results in a
it more accurate tax return."
Cavanagh said.
the software on the Web site, located at www.lRS.gov, asks a
'series of questions to ensure that people are able to get the correct
'tax font) for their needs. Cavanagh said. She said the problem
Jmany students encounter is not knowing if their parents will claim-
■ ing them as dependents. Oftentimes, Cavanagh said, students don’t
■ know their parents have claimed them and will claim themselves,
|resulting in a higher refund than they are owed.
While more money may not seem like a problem t, Cavanagh
said an error like this would cause a student to receive a bill from
the IRS at a later date.
"Most students will be able to fill out the 10-40 EZ form which
is a relatively simple form,” Cavanagh said. "However, students
(should be careful because most errors on tax forms are usually sim
ple math miscalculations.”
The Web site also helps students find out which exemptions and
tax credits they qualify for. Within the Web site, students can get
help with their taxes through the IRS’ Free File program, which
offers free electronic tax preparation and filing through a partner
ship between the IRS and 16 private companies, said Kenneth
Tax Tip Sheet:
"Look, we play 'The Star Spangled
Banner' before every game. You
want us to pay income taxes too?"
-Bill Veeck, Chicago White Sox
Yes Bill, but just know you're
not alone.
Vargas from the IRS’ Media Relations office.
“If (students) act soon, they can have their tax refunds in time for
the spring break holiday,” he said.
One credit that is especially helpful to graduate students is the
Lifetime Learning credit, Cavanagh said.
‘The Lifetime Learning credit is for people of all ages that are
taking courses relating to their job,” Cavanagh said. “Say a student
wants to get a master’s in accounting, they should
look to see if they are eligible for the Lifetime
Learning credit.” s
One student who may benefit from
this credit is sports management
graduate student Bryan
Talkington. Talkington was
recently married, and he
and his wife are expecting
a baby in a month.
”1 am trying to figure out
right now what the differences
are between what I will get back
now that I am married compared
to what it was when I was single,"
Talkington said. “My wife's stepfa
ther is an accountant, so he is Tiling our
taxes for us.”
Talkington is anticipating the refund
most this tax season.
“Our refund will be going toward baby
bills,” he said. ”1 am working just under full
time and going to school, so once the baby gets
here we will have more need for funds.”
Talkington’s options for next tax season could
Earned Income credit, Cavanagh said.
“A student may qualify for the Earned Income credit if they are
a graduate student without children or under the age of 25 with
dependent children ” Cavanagh said. “It is a special tax benefit for
people who work and earn a low to moderate income.”
This tax credit could be beneficial to Bratz, who works part-time
on campus. The Earned Income credit is a refundable credit,
Cavanagh said, which means if the credit is more than what a stu
dent owes in taxes, the IRS will pay the student the difference.
“For two or more children, it could be a maximum of $4,200,”
she said.
Bratz, and other students with children can also get a Child and
See Taxes on page 4A
Mahesh Neelakantan • THE BATTALION
Number of individual
income tax returns
Gross Collections Percent of individual returns
(millions of $) using paid preparers
0®3|p
Percent of individual
returns e-filed.
Number of individual
refunds (millions)
Individual refund
amount
Number of taxpayers assisted
by writing, calling or walking in
Graphic by Andrew Burleson • THE BATTALION
Source- IRS
• o/rid Qlcwk (SSettoK'/
Relieve the stress of the day with
any of our professional services.
\ Voted Best in the Brazos Valley
W Manicures ^ Pedicures
W European Facials Warm Body Wraps
W Microdermabrasion Body Waxing
W Therapeutic Massage W Cellulite Treatments
Gift Certificates Available!
alleria f/7/ay (njjpa
/.
r
l
214 ELM AVENUE • (979) 822-5756 • WWW.GALLERIADAYSPA.COM
/
Douglass Nissan
Service (n0,j Department
1001 EARL RUDDER FRWY. S
College Station
SP
Ag al'-
e c«
Oil & Filter
Change
$
New Filter
Up to SO qts.
5W30
14 pt. Inspection
Car Wash
764-7726 GCastrol
76%'
OFF
19.95
w/coupon
Parts & Labor
w/coupon
Not valid with any other offer.
Offer expires 03-31-04.