Beta Alpha Psi hosting ‘Tax 101’ workshop

Learn how to file and more at informational session Thursday in Ostrander Auditorium

Tax season is just around the corner and it will not be here forever.

But that means you’ve got to get your tax forms and pens ready—there is a lot of work ahead.

Taxes can either seem like a total monster or a huge question mark if you don’t know what you’re doing.

So, if you’re one of the two, or both, don’t worry. Beta Alpha Psi has you covered and they’re inviting you to come to Tax 101 on Thursday, Feb. 1, from 5-8 p.m. in the Ostrander Auditorium. Beta Alpha Psi is an international honor organization for students majoring in accounting, finance, or information systems, and they have got all the details students will need to know about taxes.

There will be a PowerPoint and a Q and A session following the presentation. Keep in mind: this event is only to help prepare students for filling out the forms. Students will still need to fill the forms out on their own. This is purely an informational session.

Taxes can be pretty confusing, but they are very important. So even though forms will not be filled out during the event, students should still try to come and ask as many questions as they need to. It is highly important to fill out tax forms correctly the first time, as to avoid any unnecessary paperwork or hassle later.

“The presentation provides a brief overview of tax law and how it applies to the MNSU community,” said Lindsay Quam, a graduate student at MNSU for accountancy and the treasurer of Beta Alpha Psi.

“However, if the questions are more complex and relating to a single individual, then the question will be handled separately.”

Even if question relate only to an individual, a person will still get the answers they need.

Quam also said it is important to try to get taxes filed early.

“Life gets busy and people can put taxes off since they are not technically due until April,” she said.

“If the tax return is filed late, without filing for an extension, the taxpayer will receive a penalty fee.”

Students should also know that if they file their taxes sooner rather than later, they can get that refund some students are eligible for. Who is eligible for the state and government taxes refund is one of the topics discussed at the meeting.

Some students might still be able to file taxes under another taxpayer—i.e. your parents or guardians—who can claim them as a dependent. This is another situation that will be covered at the event. If a student is being filed as a dependent, they should discuss their filing of taxes with whoever is claiming them, said Quam.

However, even if a student are still a dependent, that doesn’t mean the information from Tax 101 wouldn’t be beneficial. The presentation and question and answer session could be very helpful to students now and in the future when they start filing their own taxes.

Don’t miss out on getting important information right from your own university, especially on something as important as filing taxes.