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Video instructions and help with filling out and completing Fill Form 5495 Filing

Instructions and Help about Fill Form 5495 Filing

Cool so I'm here with Eileen brown from H&R Block and she's just gonna go through some of the basics of filing for taxes with me for students because it's something that's really confusing and I don't even understand it all right so the very most basic question for students is do I even need to do this do I have to file for taxes so what's your take on that it is always best to file a tax return because it shows a record of income that you've received that you may need for student loans that you may need for the future if you're gonna purchase a home or just to show a record to the IRS and have it logged in another strange thing for students is that you're a dependent usually on your parents tax return so do I still file or how can I file differently or do I even want to continue filing as a dependent on my my parents tax return well your your exemption is What's in question and so and it's a very important people make this mistake all the time so it's best to talk to your parents and see if they're claiming you as a dependent on their tax return if they are that does not mean that you can't file you still want to file so if they're claiming you is a dependent on their tax return there's some tests that determine dependency and if they are supporting your University stay or your college day and you know your tuition and whatnot there are credits related to that okay so a really simple question here what is actually the difference between a credit and a deduction that's a good question so a deduction will lower your income so...

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