Don't wait till the last minute
March 17 2015 - 8:35AM
Filing taxes can be a chore, but with a fast-approaching April 15
deadline, there are lots resources available to help. Navient, the
nation's leading loan management, servicing and asset recovery
company, offers these tips:
- Visit the IRS website. The IRS has launched a
new, online public directory of tax return preparers. Taxpayers can
search the directory using preferred credentials or qualifications,
or by a preparer's location.
- File electronically. The IRS e-file is easier
and faster than doing taxes by hand and mailing hard-copy forms.
And, the quickest way to get a refund is to combine e-file with
direct deposit into a bank account.
- Learn the rules. There are some basic rules to
know to file an accurate tax return. Taxable income includes money
you earn, like wages and tips. But, some types of income are not
taxable except under certain conditions. Scholarship money for room
and board may be taxable. Refer to IRS Publication 970, Tax
Benefits for Education, for more information about the potential
tax benefits and consequences.
- Get "extra credit." There are two
education-related tax credits, the American Opportunity Tax Credit
and the Lifetime Learning Credit, as well as two deductions, one
for tuition and fees and the other for student loan interest. The
interest deduction on qualified private and federal student loans
is up to $2,500 for taxpayers with modified adjusted gross incomes
of less than $80,000, or $160,000 for joint filers. Navient
customers receive an IRS Form 1098-E, or other statement, that
indicates the amount of interest they may be eligible to deduct on
their tax return. Certain limitations are placed on a taxpayer's
ability to claim these credits and deductions together in the same
year.
- Use free tools. The IRS recently released
IRS2Go, available for the iPhone, iPad or Android mobile devices.
The free mobile app helps taxpayers get the most up-to-date tax
information, including refund status and other tax news
updates.
After they file their taxes, students headed to college next
school year are not done yet. They should also complete or update
the Free Application for Federal Student Aid. The form, which helps
determine financial aid, requires information from an income tax
return. Check out state deadlines on the FAFSA website.
Navient does not provide tax advice, and encourages taxpayers to
consult a tax advisor on all tax matters.
Connect with @Navient on Facebook, Twitter and LinkedIn.
About Navient
As the nation's leading loan management, servicing and asset
recovery company, Navient (Nasdaq:NAVI) helps customers navigate
the path to financial success. Servicing more than $300 billion in
student loans, the company supports the educational and economic
achievements of more than 12 million Americans. A growing number of
government and higher education clients rely on Navient for proven
solutions to meet their financial goals. Learn more at navient.com.
Navient began trading on Nasdaq as an independent company on May 1,
2014.
CONTACT: Media: Nikki Lavoie, 302-283-4057, nikki.lavoie@navient.com
Customers: 888-272-5543
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