TAXES FOR DUMMIES

Moriah House

Does the idea of doing your taxes fill you with dread?

You’re definitely not alone. But, at the risk of sounding like your mother, you should do your taxes.

If you received a paycheck last year, that means you had income tax withheld from your pay. And while Florida has no state income tax, everyone pays income tax to the federal government. If you don’t file a tax return, you won’t get that money back. Basically, you’d be letting the government keep your hard earned money, which you could have spent on pizza, or lattes, or shoes, or whatever floats your boat.

Most people with a taxable income under $100,000 are eligible to file for free online through the IRS’s e-file.com. Additionally, most tax filing companies (Turbotax, Taxact, etc.) offer a free service for simple returns. So unless you are in a complex tax situation (such as earning money from crypto) you should be able to file your taxes online for free, most likely in less than an hour. In fact, Turbotax makes a game out of how fast you can file- who says taxes can’t be fun? Here’s how to get started:

Gather your documents: The most important tax document (if you worked in 2022) is your W-2 form You should receive a W2 from any employer you worked for in 2022 Companies were required to issue these by January 31st, 2023 If you are missing a W-2, check your email and spam folders to make sure you haven’t been sent instructions for accessing it online If not, you need to contact your employer and ask about the status of your W-2 You will also need your social security number and any documents relating to other income you may be reporting If you don’t have a social security number, you can find information on receiving a taxpayer ID number on the IRS website.

2. File online for free! If you meet the requirements listed on the IRS website (which most college students do) you can file your 1040EZ for free through E-file.com, or through an online tax service like Taxact or Turbotax. Just create an account and the site will guide you through the process. Once you ’ re done, it will tell you how much money you ’ re getting back if you are receiving a return. You can choose to have this money direct-deposited into your bank account or mailed as a check.

3. Sit back, relax, and wait for your refund. You should get confirmation that the IRS has received your return within 24-48 hours. The IRS issues 9 out of 10 refunds in less than 3 weeks, so you should receive your money back pretty soon!