How should students approach their first-ever tax filings?

Many Americans may have a little bit of stress about their tax filings every year, no matter how long they've been doing it. But for first-time filers, particularly those who are trying to get their documents in order even as they juggle going to college, this can be a particularly tricky situation. As such, it might be wise for these young adults to do as much as they can to brush up on the basics that can help them handle the process as smoothly as possible.

The first thing that young people should do when they approach filing time is make sure that they're filing if their paychecks had taxes withheld, according to a report from the consumer advice NerdWallet. The reason for this is that most college students working part-time jobs between classes and homework assignments probably don't make enough money to actually qualify for having to pay anything, and as such, filing will often entitle them to receive some sort of refund. Moreover, students who worked for more than one employer over the course of the previous calendar year should make sure they've received their W-2s from all of them so they know exactly how much they had taken out of their paychecks.

However, when filing, many students may think that they are eligible for certain exemptions that can lower their liability further, but the fact of the matter is that this often isn't true for many college kids, the report said. That's because people who are being claimed as dependents on the tax forms for their parents or guardians are not eligible for these allowances.

Can they get help?
Fortunately for these new tax filers, many colleges offer to help kids with their tax filings for free, the report said. In addition, the earlier they start, the better off they'll generally be when it comes to catching potential issues that could complicate matters. Waiting until the last minute, as people of all ages often do, is typically not in any way advisable.

Working with a tax professional to deal with all tax documents is one of the best ways to avoid the many problems that can crop up and lead to significant headaches down the road, regardless of how many times they've filed.

For a more in-depth look at Liberty Tax Service, visit the Give Me Liberty! Magazine. Follow Liberty Tax on Facebook and on Twitter or contact Liberty Tax directly at 1-877-at-Liberty.