Hopefully, you have advised your parents and your tax preparer to be aware of the new changes in educational tax credits. Remember, having the necessary funds to attend college is more than applying for scholarships. Learning how to save and spend money wisely is critical.
One of the biggest mistakes when submitting your tax returns is using the old paper method. By not e-filing, you are more likely to make mistakes--the error rate is about 20%. The error rate drops to less than 1% when you e-file. The major reason is that the program takes care of the math and also prompts you to sign electronically.
Plus, you can get your refund within 10 days using direct deposit compared to 4 to 6 weeks when filing by paper and requesting a check. If you make $57,000 or less, use the IRS's Free File program (irs.gov/freefile). Otherwise, taxact.com lets you file federal returns for free. It's $15.00 for state returns.
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