Filing taxes is another mark of adulthood, a chore that working students have to complete. However, it's hardly a task that U.S. youths look forward to.
Global health sophomore Sydney Esposito, a first-time tax filer, said she felt nervous diving into tax season.
“I feel a little intimidated," Esposito said. "I literally have no idea what I’m doing.”
Esposito is not alone, as many young adults often feel lost when it comes to filing taxes.
Biology sophomore Kylie Kilian, who will be filing for her third year this season, said she relies upon her parents to help her figure out the process.
“I have no idea what’s going on," Kilian said. "I call my mom every year.”
Kilian said there’s also an underlying sense of fear when it comes to taxes.
“My brother owed a bunch of money because he put a number in the wrong box last year," she said. "You hear horror stories, and then you don’t want to do your taxes because you don’t want to mess them up.”
Professor Geoffrey Smith, from the finance department at ASU's W.P. Carey School of Business, said taxes involve many variables. The complexity that arises from tracking each value is what tends to intimidate students.
"There's so many twists and turns to calculating the amount you owe. ... You can’t possibly keep track really of all the credits and deductions and all of the things that are taxable and aren’t taxable," Smith said. "So it is actually very complicated, which is why it intimidates people, because it’s not simple.”
Tax form language is cryptic and there are numerous values to keep track of, so many students confronting tax season seek parental guidance.
“My parents have someone do their taxes, so I’ll probably end up bringing my stuff too," Esposito said.
However, while Esposito and Kilian are local Arizonans who have their parents close by as a resource, many U.S. residents choose to enlist the help of tax professionals from companies to take on the hassle.
Smith said those without personal or professional assistance could make use of online software.
“Using software is good, especially (for) college students," Smith said. "Your tax returns right now are simple, or should be pretty simple. If you can work on a simple one on TurboTax when you’re young, as you get older you’ll be familiar with the process. And, as your finances get more complicated, you’ll grow with it."
He said he recommends being an active participant in the process, even if you decide to pass your taxes off to a professional.
“Alternatively, it’s probably a bit more expensive, but maybe have a professional do it (and) also do it yourself and see if you reach the same number, because then you can feel good," Smith said.
There are a several versions that are free for download on the Internet for individuals who don’t need the extra bells and whistles that paid versions include.
Students may feel discouraged while attempting to fill out their tax forms, but Smith said he believes everyone is able to do complete them with enough time set aside.
“Everyone is smart enough to figure out what’s going on, they just need to spend the time to figure out what’s going on," Smith said.
Editor's Note: A previous version of this article used the incorrect first name of a W.P. Carey School of Business professor. It has been updated with the correct information.
Reach the reporter at sdave1@asu.edu @simdave15.
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