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Published on March 17th, 2025 | by Isabelle Karamooz, Founder of FQM

A Student’s Guide to Filing Taxes for the First Time: Everything You Need to Know

Filing taxes for the first time can feel overwhelming, but it’s an essential skill that will serve you for a lifetime. Many students avoid the process, thinking it’s too complex or unnecessary due to their limited income. However, understanding the basics can help you maximize refunds, claim valuable education credits, and develop good financial habits early on.

If you’re looking for an essay writing service review, it’s also a good time to research options that can help with academic success. In this guide, we’ll walk you through everything you need to know to navigate your first tax return with confidence.

1. Do You Need to File a Tax Return? Let’s Find Out!

Not all students are required to file taxes, but many should—especially if they qualify for a refund! Here’s how to determine if you need to file:

✅ You earned more than the standard deduction. The IRS sets a threshold each year (for 2023, it was $13,850). If your total income exceeds this, you must file.

✅ You had federal taxes withheld from your paycheck. If you worked a part-time job and saw deductions on your pay stub, you might be owed a refund—but you must file to get it!

✅ You had self-employment income over $400. This applies to freelancers, tutors, gig workers (Uber, DoorDash, etc.), and independent contractors.

✅ You received taxable scholarships or fellowship grants. Some scholarships count as taxable income, particularly if they cover non-tuition expenses like housing or meals.

✅ You earned interest, dividends, or investment income. If you’ve started investing, even in a small way, you might have to report your earnings.

Even if you don’t technically have to file, it’s often beneficial to do so—you could be eligible for refunds, credits, or future financial advantages.

2. Gather All Your Important Documents Before You Start

Before diving in, make sure you have all the necessary paperwork. Missing a document could delay your refund or result in errors. Key documents to collect include:

📌 W-2 Form: Issued by your employer, showing your earnings and tax withholdings.

📌 1099-NEC or 1099-K Forms: If you did freelance work, tutoring, or gig economy jobs, these forms report your self-employment income.

📌 1098-T Form: If you paid tuition, this form helps you claim valuable education tax credits.

📌 Bank Statements & Receipts: These help track interest income, stipends, or deductible education expenses.

📌 Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): Required for filing.

💡 Tip: Start a folder (digital or physical) to store tax-related documents throughout the year. Staying organized now will save you time and stress later!

3. Take Advantage of Student Tax Credits and Deductions

As a student, you have access to special tax credits that can lower your tax bill—or even get you money back!

🎓 American Opportunity Tax Credit (AOTC)

Up to $2,500 per year for undergraduate students (first four years of college).
40% is refundable, meaning even if you owe no taxes, you could get up to $1,000 back.

📚 Lifetime Learning Credit (LLC)

Up to $2,000 per tax return (not per student).
Available for both undergraduate and graduate studies with no limit on years claimed.

💰 Student Loan Interest Deduction

If you’ve started paying off student loans, you can deduct up to $2,500 in interest payments.

These credits and deductions can significantly reduce your taxable income and increase your refund—so don’t miss out!

4. Choosing the Right Way to File Your Taxes

There are multiple ways to file your tax return, so choose what works best for you:

🖥️ Free Online Tax Software

If your income is below a certain threshold, the IRS Free File program allows you to file for free.
Software like TurboTax, H&R Block, or FreeTaxUSA guides you step by step.

👩‍💼 Tax Professionals

If you have self-employment income, investments, or other complexities, hiring a professional may be worth it.
Your university may also offer discounted tax services for students.

🏛️ Volunteer Income Tax Assistance (VITA)

The IRS and community organizations offer free tax prep help for students at many colleges.

💡 Tip: If you’re unsure, start with free online software—it’s designed to be beginner-friendly!

5. Maximize Your Tax Refund with These Smart Strategies

💵 Want the biggest refund possible? Follow these tips:

✅ Claim all eligible tax credits and deductions (AOTC, LLC, student loan interest, etc.).

✅ Report all income sources properly—including side gigs and freelance work.

✅ Opt for direct deposit to get your refund faster (within 21 days in most cases).

✅ Double-check your Social Security number and bank details—small mistakes cause delays!

Even if you don’t owe taxes, filing ensures you get back any money you’re entitled to.

6. Avoid These Common Tax Mistakes

🚨 Many first-time filers make simple errors. Here’s what to watch out for:

❌ Missing the filing deadline: Tax Day is April 15 most years. Late filings can result in penalties.

❌ Forgetting to report all income: If you did gig work, tutoring, or received a taxable scholarship, it must be reported!

❌ Entering incorrect information: Small typos—like the wrong SSN—can cause major delays.

❌ Not signing your return: If filing by paper, missing a signature can result in rejection.

7. Plan Ahead for Next Year: Build Strong Financial Habits

🎯 Once you’ve successfully filed your first tax return, use what you’ve learned to make next year even easier!

📂 Keep track of earnings and expenses throughout the year.

📝 Adjust your W-4 form if you want less tax withheld from your paycheck.

📅 Mark tax deadlines on your calendar and stay organized with digital copies of your tax documents.

By developing good financial habits now, you’ll be prepared for future tax seasons—and life after graduation!

Conclusion: Take Control of Your Finances Now

Filing your first tax return doesn’t have to be intimidating. With the right knowledge, tools, and preparation, you can make the process smooth, stress-free, and even financially rewarding.

Whether you’re claiming a refund, taking advantage of education credits, or simply fulfilling your tax obligations, learning how to file correctly will set you up for future financial success.

💡 Pro Tip: If you’re unsure about anything, take advantage of free student tax resources, online filing programs, or university tax workshops.

Now go forth and file with confidence—your refund (and future financial success) awaits! 🚀💰

Header photo credit : https://www.pexels.com/photo/person-writing-on-white-paper-8927687/

About the Author

Isabelle Karamooz, Founder of FQM is originally from Versailles, France. Isabelle harbored a lifelong fascination with exploring the world. Her journey began at 17 when she seized the opportunity to study abroad in Rhonda, Spain, igniting a passion for travel that took her across continents. From vibrant Hong Kong to picturesque Ireland, from the historic streets of Italy to the enchanting landscapes of Morocco, she embraced diverse cultures and experiences, truly embodying the spirit of a global citizen. After several years of exploration, Isabelle found a sense of home in Los Angeles, where she immersed herself in the vibrant cultural scene while working at the French Consulate. With a deep-seated love for the arts and history, she pursued her academic endeavors, earning a Bachelor's degree in History from the University of California, Berkeley. Furthering her dedication to education, she has studied to pursue a Master's program in teaching at the University of Southern California, eventually sharing her knowledge and passion as a French instructor for aspiring students at UNLV and CSN in Nevada. Driven by her passion for storytelling and cultural exchange, Isabelle founded French Quarter Magazine, where she serves as the Editor-in-Chief. In this role, she orchestrates the publication's diverse content, from conducting interviews and pitching story ideas to capturing captivating moments through photography. Currently, she is channeling her creative energies into her first English-language work, a novel that delves into the compelling life of Coco Chanel. Filled with adventure, intrigue, and a touch of romance, her debut novel promises to captivate readers with its rich tapestry of history and emotion.