What students need to know about taxes

TROY, Ala. (TROJANVISION) — Tax season is here, but some college students may not know what goes into filing taxes on their own.

The end of January marked the beginning of tax season. For some college students, they may have never even seen what a tax form looks like.

Before filing taxes, some students may begin to wonder what taxes are and where they come from.

“Taxes are basically what we pay in order to get all of those things that are provided by the government in the public sector,” said John Dove, an economics professor for Troy University. “The roads that we drive on, the schools that we attend, the military that we have.”

“All of those things need to be paid for somehow and it’s through taxes the government goes through to pay for those things,” Dove further explained.

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Dove says the most common form most college students should expect to fill out is a W-2 form.

“Most college students, if you have any sort of job, you’re gonna have all that, all your income that comes from that put in there,” Dove said. “It’s also gonna include things like any sort of federal taxes that you paid, taxes that you paid to the state, social security taxes, Medicare, Medicaid, all of those things are gonna be included in that.”

For some, filing taxes for the first time may seem intimidating. Dove says there are resources students can use to help them file their taxes.

“Things like Intuit or TurboTax where they do have a lot of free online resources that are usually pretty easy to follow and pretty easy to understand,” Dove said.

Troy University is required to give every students a 1098-T form. this form allows students to get a tuition deduction on their taxes.

According to the Internal Revenue Service, the last day to file taxes is on April 15th.

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