If you are balancing working a full-time job, paying for schooling, dealing with student loans, and other financial factors, you may be doing your taxes incorrectly. If you have a lot of documents that have to be entered, you don't really understand the deductions or what you can deduct, and you are paying a lot each year on loans, it's time to talk with a tax preparation expert to see if you are doing anything wrong or if you are missing out on money. Here are some of the things you may not know.
You Can Get Student Deductions
Even if you are working a full-time job, there are deductions that you can take because you are a student, and you don't want to miss out on a way to reduce what you have to pay or to get money back. To prevent this from happening, bring all of your receipts and tuition statements with you when you go to tax preparer so you can show if you are a full- or part-time student.
Student Loans are Eligible for Tax Breaks
The student loans can be a financial burden, but you can write-off the interest that you pay, and you want to be sure that everything is filed properly. If you are paying on federal or private student loans, make sure that you bring the loan information so your tax preparer can add it in accordingly to see what you can get back.
You May be Missing Out on Purchased Deductions
Since you are working and going to school, you are purchasing items like computers and work clothes. Some of these things can get you a refund if you have your statements or receipts, and if you are using them specifically for work or school. Go through the list of items you had to pay for with school and work so you can get accurate details.
There are a lot of different tax issues that you may not know about, and filing your taxes incorrectly can prevent you from getting student loans in the future, and it can even end up getting you audited. Talk with a local tax preparation professional, such as Matthew S. Abrams, CPA, or see if you can find someone that works with students and people that work full-time, so you can see what you are missing when it comes to filing and so you can save the most money for your upcoming taxes that are due.