Gail Perry, a CPA and author (and AccountingWEB staff writer) based in Ann Arbor, Michigan, has launched a new web site dedicated to helping students file their income tax returns online. Not only does www.campustaxes.com provide inexpensive online tax filing for U.S. income tax returns and all state income tax returns, the site provides a Q&A section where students can ask questions of Ms. Perry and see answers to other questions commonly asked by student taxpayers.
For a low fee of only $9.95 for a 1040EZ or 1040A, $14.95 for the 1040, and $4.95 for a state return, the taxpayer can enter information right from W-2 forms and other tax documents and file the returns online for a quick refund.
âCatering to the student audience provides me with the opportunity to zero in on the types of questions that most students encounter over and over again,â said Perry. These common questions include issues surrounding the college tax credits and tuition and student loan interest deductions, tax returns for students with jobs in multiple states, tax information required for FAFSA forms, 529 student savings plans, scholarship and fellowship payments received, deductible moving expenses, and much more.
Most students need only file the 1040EZ or the 1040A. The 1040A is necessary for students claiming college tax credits or deductions for tuition or student loan interest. The 1040 is required of students who work as independent contractors and don't have taxes withheld from their earnings.
Single taxpayers are required to file 2006 income tax returns if their income is at least $8,450; married couples filing a joint tax return are required to file if their income is at least $16,900; married couples filing a separate tax return must file with income of $3,300 or more. However, anyone who had income taxes withheld and is entitled to a refund of those taxes must file a tax return in order to get the refund.
CampusTaxes.com offers refund anticipation loans for taxpayers who need their refunds quickly and can't wait for the normal IRS turn-around time of about two weeks.
Perry is the author of more than 20 books on taxes, financial software, and personal finance, including The Complete Idiot's Guide To Doing Your Income Taxes and Quicken All-in-One Desk Reference for Dummies. Perry is a graduate of Indiana University.