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UA business students offer tax preparation help

Free income tax consultations will be offered by 36 UA accounting and finance students twice weekly until mid-April.

The IRS reports the average tax refund so far this year is $1,731, said Becky Loney, University of Arizona accounting senior and tax advisor.

Most students earning $4,000 or less annually receive all their federal income taxes back. Chances are high they are unfamiliar with the deduction options and may need help preparing tax forms for the first time while living on their own, Loney said.

The quicker students file their income tax returns, the faster they receive their checks, which, Loney said, can take up to six weeks. Tax returns are also important documentation for financial aid applications.

The paperwork can be confusing because it is only an annual routine for most paid workers.

UA accounting and finance junior and tax volunteer Chris Cameron said priority is given to non-resident students.

"People are so intimidated by our tax system, especially students who are unfamiliar with it," he said. "We want to be able to take the fear out of it for them. We are working hand in hand with the IRS, so we know we are doing this right. If a tax situation is too difficult for us, we can guide them in the right direction for additional help."

Even if students have earned little annual income, they may be eligible for an earned income tax credit. This credit is not dependent on earnings, yet has six "quick" pages of forms, said Loney, who will lead the Monday evening tax service.

There are several other ways students can recoup school costs, including the Hope or Lifetime Learning Credits, which are education credits offered to help reimburse some school expenses. This can mean up to $1,500 for two years for full-time students, if they are freshmen or sophomores, and other savings in other circumstances.

Parents may be able to deduct a large portion of their child care expenses, and home owners can deduct mortgage interest.

International or foreign students are often intimidated by the forms or concerned about making a mistake on them, but anyone who works in the United States must file an income tax return, Loney said.

The 35 IRS-trained tax volunteers received 12 hours of training to assist the public with their tax returns. The volunteers will offer the tax preparation services from 5 p.m. to 8 p.m., Mondays and Fridays through mid-April.

The free service is offered in Room 129 of McClelland Hall, 1130 E. Helen St. Additional service is held on Thursdays in Room 131, Loney said.

The deadline this year to file the 1999 tax returns is midnight, Saturday, April 17.

Cameron reminds readers to bring all pertinent tax information, such as the federal withholding tax forms (W2s) and any earned interest statements from banks, mutual funds or other financial institutions. Also, students need to bring one form of identification and have all the birthdates of dependents that may be listed on tax returns.

The service is not restricted to students either, Loney said. University personnel and the general public are welcome to seek tax advice.