Let’s Learn and Earn with Taxes

Maria Emmons

Ad/ Social Media Manager

22 March 2023

 

10 Tips and tricks:

1. April 15th tis the due date for filing for taxes 
2. If you are under 18, you are a dependent 
3. A dependent is someone who is still supported by a parent or guardian and you will be filed as such under their tax forms. 
4. If you made over around $12,950 in that given year, you can file separately even as a dependent.
   1. Even if you made less than $12,950, then you can still file. 
5. The government takes taxes out, but if they take too much out you can receive a refund. 
6. In order to file for taxes, you will need a W2 form, which you will receive from your employer. A W2 is a form with basic information on it that shows your employer and how much money you made in that given year. 
7. Most of the taxes that are taken out will go to Social Security and Medicare, however, you will only receive your federal and state taxes back as part of your refund. 
8. If you have a tax refund, you will receive it either through direct deposit, which you can receive faster or as a check in the mail 
9. TurboTax, a website where you can file your taxes, It is a great source and is very straightforward and easy to use, especially as a teen. 

Steps for Filing: 

Now it is time to file your taxes, what should you do? 

1. Talk to your parents! It is important that your parents know that you are filing for taxes because you are a dependent. 
2. Get your W2 form from your Employer: Understand what is required of you to get your W2 and file it with your taxes. Some companies send it electronically but most send them through the mail. 
3. Get all of your materials: 

-Your social security number 

– A photo ID

– Bank deposit information (voided check or deposit slip if you want direct deposit)

4. File for taxes: For your first time filing, be sure to talk to a trusted adult and have them walk you through the process of filing. TurboTax is an excellent resource to file your taxes. 
5. View your results: If you are entitled to a refund, Turbotax will tell you and you can submit your refund. 

“I’m going to teach you how to run away financially,” said Mrs. Carr-Spence, Atholton’s financial literacy teacher. Taxes are an extremely confusing part of finances. For working students, knowing the basics is very important. Knowing the basics for taxes, rules for dependents, and tips and tricks to manage your finances is crucial.

When it comes to taxes, knowing your status is extremely important. Dependency is defined in the tax world as relying on someone else financially. If you are under 18 years old, you are automatically a dependent. This means that when your parent or guardian is filing for taxes, you would be counted as their child. As explained by Dan Emmons, a Financial advisor, “If you haven’t started paying for groceries or chipping in on the rent, this is probably you.” 

It is important to note the rules for dependents when filing for taxes. There are several requirements when doing so. If you are under 18 years old, you are a dependent of somebody else when filing for taxes. However, a dependent can file even if they made less than $12,950 in that given year, as long as taxes were withheld from them by their employer. According to Bob Emmons, a certified public accountant (CPA), as long as you receive a W-2 form from your employer, you should file for taxes. It is important to take the extra time to file for taxes, even as a student because there is a potential that you would receive money back as a refund. The government will refund anyone that they took money from if it is not from Medicare or Social Security, and often this applies to dependents because you are the only person that you are filing for.

From a student’s perspective, it can be great to file for taxes. It may seem like a boring process, however the outcome is worth it. Oftentimes, even as a young person in the workforce, your employer will take out taxes from your paycheck. If you file before April 15th, you can potentially get that money back. Alex Brown, a Merriweather Post Pavilion employee and junior at Atholton High School, filed for his taxes in 2022. He was able to receive hundreds of dollars back, after a full season of working at Merriweather. He went on to explain that his parents helped him to follow the process of filing for taxes and learned a lot about taxes in the process.

It is important for students to understand taxes as everyone should file if they have a job. Students should be viewing their understanding of taxes as vital for their futures. Especially in this day and age, it is easier than ever to file for taxes. Turbo tax is an excellent source that provides people, especially young, easy access to a step by step process to file. Even if you file and you will not receive a refund, you can put your information through TurboTax and you can see exactly how much money you will receive back.

Financial Literacy is offered as a class for students at Atholton. Taught by Mrs. Carr-Spence, this class provides students with information not only about taxes, but about how to manage your money, understand credit and loans, etc. Carr-Spence explained that when teaching financial literacy, she believed that learning about taxes as a high school student is vital. She called it “a contribution to your future.” Carr- Spence went on to explain that taxes are much easier to understand when you understand your own personal financial situation and goals as well as how finances are handled in the United States in general. 

Taxes have been around in the United States since the country was established. Overtime, they have become more complicated and something that people dread. They seem as though they are just one more thing to remember. Even though taxes may seem annoying to file, they are still beneficial to you as a high school student. If you file for taxes, you are gaining more than you are losing because there is a possibility that you not only get money back from the government, but you also are learning about the process of taxation within the United States and gives you some of the basic life skills to live independently from your parents. 

As a student, It is very important that you take your future into your hands and understand how the world works in the realm of taxes and finances. It is encouraged that you not only learn, but you earn as well.