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Teens File Taxes Free Online
New Web site makes taxes easy for teens
to understand and file
The Internet’s all-consuming for teens – it’s their
connection to friends, games, music and now tax refunds. Teens under
the age of 18 and filing taxes for the first time are the target for
H&R Block’s “Get Yours” program. The program
allows teens to file their tax returns online free-of-charge at http://www.hrblock.com/goto/firstfilers.
In addition to free online tax filing, the new site offers a Tax Education
Center to help teenagers understand tax basics and get the best possible
refund.
“Refunds are due to most teens who work part-time. We’d
like them to understand how easy it is to get that refund. We’d
also like to help them understand and begin to take control of their
personal finances,” says Kristin Gambill, H&R Block’s
director of online products.
The “Get Yours” site includes advice for parents and teens,
including tax fundamentals, financial quizzes and information about
preparing for college. The free online tax program includes three-year
storage of the tax return, free, easy-to-access technical support
and built-in advice designed to guide users to credits and deductions.
Those who find themselves stumped or frustrated while completing their
first return can access an H&R Block tax professional via a click
of the mouse.
Interest in the offer should be significant – about 5.3 million
individuals under the age of 18 filed tax returns in 2002, according
to the Internal Revenue Service (IRS). About 56 percent of those returns
were self-prepared, simple returns.
In addition to simplified tax preparation, faster refunds and learning
tools, teens who complete their first-time taxes at the “Get
Yours” site will also receive a 30-day subscription (or 100
MP3 music downloads) via e-mail to eMusic music discovery service.*
Other prizes include calculators, money clips and wallets that will
be given away as radio promotions.
*Offer subject to eMusic terms and conditions.
Offer expires 4/15/2005. May not be combined with any other offer.
Valid with the use of the First Filer online tax program. Information
you provide to eMusic is subject to the eMusic privacy policy.
Tax Tips for Teens
Top Five Things to Know to “Get Yours”
Starting a first job is just one milestone.
Paying taxes is another. H&R Block’s 50 years of experience
will combine the two to a teen benefit – a first tax return
and more likely than not, a first refund when they follow these first
time filing tips:
- Keep
good records. Hang on to pay stubs,
W-2 forms, records of tips earned, receipts for a big purchase
or sale (like your first car), 1099 forms, and bank and brokerage
statements. Tax credits and deductions could be worth big bucks,
and you’ll need these documents to claim them.
- Have a second job?
Your paycheck tax withholding may need updating. You may have
to increase the amount of money withheld from your primary paycheck
to ensure you do not owe a large amount of money at tax time.
- Let the IRS know where you
are. This is one forwarding address
that will pay off later – with your tax refund. If you are
going to college, or moving into an apartment, be sure to give
the IRS your new address. This is particularly important if you
are expecting a tax refund! You can enter your new address in
the proper spaces when completing your online return.
- Accurately report withholding
allowances. Your employer will provide
you with a W-4 form. The information you include on the form will
tell your employer how much money to withhold from your paycheck.
The number of withholding allowances you enter will determine
your tax refund and how much you owe. Need help? Access H&R
Block’s “Withholding Calculator” at http://www.hrblock.com/taxes/planning/life_events/first_job.html
- Wondering if you can deduct
your contributions to the local food bank? Donating time
or money to your favorite charity can be rewarding -- we applaud
and encourage your efforts to help those in need. Charitable contributions,
as well as medical expenses, mortgage interest, state/local income
taxes, etc., qualify as itemized deductions. If you have enough
of them to beat your standard deduction, it usually is a good
idea to itemize. But don’t expect to itemize on your first
tax return. For many taxpayers, purchasing a home is the life
event that makes itemizing worthwhile.
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