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College students tax refund—ways to save or smart spending tips

The all important question with tax refunds is whether you should save or spend it.

The all important question with tax refunds is whether you should save or spend it.

Tax season is upon us, and if you have any income you are probably hoping for a hefty check after filing your return. The big question once your tax refund arrives is what to do with it. Read on for some ways to save that money, as well as smart spending tips if it is burning a hole in your pocket.

Part of your income

The experts at TurboTax would like to remind you in their article “How to Spend, Save, or Stretch Your Tax Refund” that your tax refund is not a gift from Uncle Sam. In reality, that money is part of your income and you should take that idea into consideration when you are deciding on whether to spend or save that check.

What’s more, if you are getting too large of a refund, then you may need to adjust your paycheck withholdings. According to TurboTax, “the amount that is withheld from your paycheck is based in part on the number of exemptions you entered on the W-4 you gave to your employer.” Read more

Getting a tax refund? Tips and help for filing college students’ federal tax returns

Part of a HMRC Self Assessment tax return. (Credit: Images_of_Money)

Part of a HMRC Self Assessment tax return. (Credit: Images_of_Money)

By the end of January you should have received the paperwork you need for filing your state and federal tax return. Like most starving students you’re probably expecting a tax refund. Do you know all requirements for filing? Tax laws change every year and it can be pretty hard to keep up. Let’s take a look at some of the tax regulations that may apply to college students.

Income forms to look for

If you worked during 2013 you should be receiving a W-2 form that summarizes your wages and tax withheld. Read more

Spending spree or save: What to do with your federal tax refund

Federal tax refundHave you already received your federal tax refund? Is it a dinner at the local fast food type of pocket change or a spending spree at the mall kind of lump sum? Whatever the amount, here are a few ideas, from responsible to fun, on what you could do with the deposit.

Make an adjustment

First, I want to ask you this. Do you like giving the government an interest free loan? Getting a big fat refund check is nice but you had to wait a year to get the money. Read more