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Tax breaks and tips for college students filing returns

Take the proactive route and don't wait until the last minute to file your taxes.

Take the proactive route and don’t wait until the last minute to file your taxes.

With student debt growing and becoming a burden to recent graduates, college students will want to take all the tax deductions they can to save money. Federal tax filing is very complicated and the information here provides just a few tips. Always seek advice from a tax professional or accountant before filing your returns.

Preparations before filing taxes

Before beginning the tax filing process, students and parents need to make a few decisions. If your parents live in one state and you attend college full-time in another but go home for the summer, you will need to determine which state is your primary residence. As each state has different qualifications for residency, both states could claim you as a resident. Read more

College student debt on the rise: Tips on how to prevent disaster

Not to further terrify those of us already dreading the college debt that’s waiting to greet us upon graduation, but according to a study released this week, college student debt is on the rise and the job market for recent grads is getting worse — not better — even as the economy improves. Say what?! Yes, that seems to be the cold-hearted reality. Rather than hide in a hole somewhere, now is the time to grab hold of the reins and take control of that student debt. While some of us excel at the avoidance route, taking measured steps to pay off that debt could make all the difference. Read on for these tips to prevent disaster. Read more