“If you or a loved one have been personally persecuted by the IRS, you may be entitled to financial compensation.” We have all heard this fear mongering ad before, either on the radio or TV Don’t listen to that deep voice telling you to fear the IRS.
The Internal Revenue Service (IRS) simply “administers and enforces U.S. federal tax laws,” according to usa.gov.
The tax deadline for 2024 tax returns is April 15, 2025. If you enjoy waiting until the last minute or have been putting it off because it seems too complicated, procrastinate no more. Just know that the IRS is your friend and filing taxes is easy.
Filing taxes online through the IRS website is shockingly easy. In fact, there is a step-by-step process on the IRS website, which we will follow. Filing is different for everyone, so let’s focus on what most WSC students will do, file independently.
Check if you need to file. Most U.S citizens will need to file a tax return, however, there are a few exceptions. The IRS provides a link directly from the step-by-step process to a page detailing who must file.
Gather your documents. You should keep documents and tax forms needed to file your taxes in one place. This ensures an accurate return, allows you to claim credits and deductions, and avoid errors that delay your refund.
Documents may include your social security number, bank account and routing numbers, adjusted gross income, name and address. If you worked during 2024, you received a W-2 from your employer. If you attended college, you received Form 1098-T.
Claim credits and deductions. A credit is the amount of money you can subtract from the tax you owe. Certain credits are refundable, meaning you can receive money back even if you do not owe tax. Essentially, claiming credits can lower your tax payment or increase your refund. Two credits to be aware of as a student include the American opportunity tax credit and the lifetime learning credit.
A deduction is the amount you can avoid paying taxes on. By subtracting deductions from your income, you can lower the total amount owed. According to the IRS’ website, most people take the standard deduction, a set subtractable amount determined based on filing status.
If your deductible expenses are more than the standard deduction, you can itemize- deduct expenses one-by-one from your income. Tax software will walk you through your expenses and reveal which option gives you the lowest tax.
File your return. The IRS website provides a link to a list of what the IRS considers “trusted partners,” which are all free to use. If you file directly through the IRS, you will need to create an account.
Get your refund. Filers can check on the status of their return within 24 hours after the IRS acknowledges your electronically filed return, according to irs.gov.
The IRS displays progress in three phases: return received, refund approved and refund sent.
Choose how to receive your refund. The IRS lists direct deposit, paper check, prepaid debit card, mobile payment apps and IRA accounts as options.
The IRS lists the final two steps as pay taxes on time and be ready to file next year. By following these easy steps, you can save money by filing yourself. Now sit back, relax, collect your 2024 refund, and watch the 2025 tax season glide by.
