Dollars and $ense: Financial savvy valuable for students

Article feature in February 18, 2008 issue of The Louisville Cardinal
By Lindsey Coblentz

It's almost that time again. Time for spring: the season of budding trees, blooming flowers, and filing taxes. Taxes? That's right. The April 15 deadline is looming over some students' heads along with midterms and papers.

"My parents fill out my taxes," said Emily Wortham, a freshman secondary education major. "I'm pretty ignorant on that kind of stuff."

Like Wortham, many students still have their parents file taxes for them, while others are experiencing their first tax season. Either way, taxes make several students aware of their newly found financial responsibility.

"Before college, finances seemed less overwhelming. A paycheck seemed like a lot more money than it does now," said Wortham.

Amanda Fiedler, a freshman secondary education major, agreed that coming to college makes students realize how tough it can be to manage money on their own. "I have always valued the money I have, but now I have gotten to the point that when I'm at work I will not eat because I don't have the extra money to go to McDonald's," said Fiedler.

For students who are planning to file their own taxes, there is help available. Jeff Kennedy, Kentucky's taxpayer advocacy member, said that there are many resources that college students have at their fingertips.

"Any computer-savvy taxpayer who earned less than $54,000 can take advantage of free online tax filing through the IRS' FreeFile Alliance," said Kennedy. This service allows qualified taxpayers to file for free without purchasing any add-ons.

For those who prefer a hands-on approach, there is the Volunteer Income Tax Assistance (VITA) program. The service is free for anyone who earns less than $40,000 and offers trained volunteers who will do visitors' taxes while they wait.

"I have personally been a VITA volunteer for many years and am always encouraged by the genuine gratitude that folks have after they receive this free tax service and see how much money they will be getting back," said Kennedy.

U of L students in the military can find tax help at the Fort Knox Tax Center or the Fort Campbell Community Tax Center.

If students need help with finances in general, to whom should they turn? According to Wortham, their parents.

"When it comes to money, let your parents help you. I try to be self-sufficient and not take spending cash from my parents, but the bottom line is that is part of what they are there for."

Fiedler agreed, saying that she appreciates her dad's help, especially when it comes to taxes. "I usually do my taxes with my dad, but because I won't be at home to do it with him this year, he will be doing it for me so I don't fill it out wrong."

Whether or not students are filling out their own tax forms, all students are faced with financial responsibility. Some of the most important advice is also the simplest, according to Fiedler. When it comes to money, she said, "Make sure you know how much you have and that you don't spend what you will later need."