Tag Archives: resources

Five Tips for Filing Your Taxes

March 8, 2018 Shelly Hacco

By Colette Au

Since taxes aren’t due until April 15th, 2018, filing your 2017 fiscal year taxes might seem a long way away, but I’ve already started preparing for it. I’m in charge of USC Volunteer Income Tax Assistance (VITA), a student-run club that is part of a nation-wide IRS volunteering program. We provide free tax preparation services to low- and middle-income individuals and families, including international students and residents living in the neighborhood around USC. If you’re like most students, you probably haven’t needed to file your own tax return (or perhaps your parents did it for you). Although I’m not allowed to give tax advice because most advice is very situational, here are a few tips for students doing taxes for the first time:

If you’re working an on-campus job this year, look out for a W-2

Form W-2 is a slip of paper that employers give you that lists your wages and any taxes withheld for the year. You’ll need this information to input on your tax return, so make sure you save it when it comes in the mail (usually in January or February). For students working on campus, you can elect to download a copy from Workday. If you work multiple jobs, you will have multiple W-2s. Note: if you’re self-employed (for example, doing some freelance work on the side), you’re still supposed to report income, even if the transactions are in cash.

Keep track of your educational expenses

Did you know that it’s possible to lower your tax bill by deducting the cost of required textbooks? Make sure you save your receipts from the Bookstore, because you might be able to shave a couple hundred dollars off of your taxes if you owe anything. However, the tuition and fees deduction isn’t available for people that the IRS calls “non-resident aliens” (most international students). There are also education credits for people who are paying tuition out-of-pocket, and USC will send you a form called Form 1098-T so you can report that information on your tax return.

There are different returns for residents and non-residents

If you’re an international student, don’t make the mistake of not checking if you’re a resident or not. Most international students are considered “non-resident aliens” because they are “exempt individuals” (IRS jargon) and have a different set of tax forms. The IRS uses a residency test to determine if you’re a resident for tax purposes, which you can read more about here.

You might not have to file! But you need to check if you do

Generally, if you’re working an on-campus job, you are only required to file if you make more than a few thousand dollars. Even if you don’t need to file, you should consider filing a return in order to get a tax refund. The IRS has an article called Publication 501 about filing requirements here. If your employer deducts more taxes from your paychecks than you owe at the end of the year, you can get your money back!

Take advantage of USC resources

If you don’t want to put in the time and effort to learn how to do your taxes on your own, save yourself the hassle. If you meet the income limits, you can get your taxes done by free by students! Most students working in the VITA program are accounting majors like me, and some of us actually enjoy learning about the American tax system.

In summary, filing your taxes in the U.S. can be very complicated. There are exceptions to almost every rule so you have to be careful and assess the facts of your own financial situation before you can correctly file your taxes. If you’re feeling lost in the tax system, it’s okay to ask for help. In fact, it’s better that you do because that last thing you want is the IRS coming after you for filing your taxes incorrectly.

Featured image by Sharon McCutcheon on Unsplash

Originally from Portland, Oregon, Colette is a junior in the Leventhal School of Accounting and Marshall School of Business. Born to immigrant parents from mainland China and Hong Kong, she is no stranger to bridging lingual and cultural gaps. As her high school offered an international boarding program, she made friends with classmates from all over the world. At USC, Colette participates in several service-oriented clubs on campus, including as president of Volunteer Income Tax Assistance (VITA) and an e-board member of Project 32 Tutoring. Singing, playing piano and guitar, and eating all kinds of foods (especially dessert) are some of her favorite hobbies. In summer 2018, she will be interning in San Jose at Deloitte, a public accounting firm.

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USC Resources for Stress and Anxiety

February 26, 2018 Shelly Hacco

By Stephanie Wicburg

As someone who has experienced instances of almost crippling anxiety in my life, I know that the avoidance of these issues in conversation is a fact. Stress and anxiety are just not things that society addresses. If someone wants to discuss them, it is often either with a professional, or not at all.

For me, the amount of preparation it takes to even do something as simple as making a phone call or socializing with people I don’t know is staggering. And yet, through my years, I have learned to cope with this part of my life. I have learned how to be able to function when I feel like I can’t breathe and how to push past it.

But imagine if I were put in a totally new environment. An environment in which I knew barely anyone. A place with a culture entirely different from my own, with a language that I do not natively speak. I have personally never been in this situation, but all the students I have worked with through ALI’s Conversation Groups are experiencing this as I type.

A new place can be incredibly hard to adjust to. I know that it took me several weeks to adjust to USC when I first moved here just last August, and during those weeks, there were several moments when my anxiety took over, and it felt like every little thing was just absolutely overwhelming. Fortunately, however, I had friends and family who I could talk to, as well as an incredibly supportive roommate, and all of the coping methods which I have developed through the years. These support systems are not something everyone has, however. Not everyone is taught or is able to figure out ways to help their anxiety, and so stressful situations, such as moving to an entirely new country, can just be beyond overwhelming.

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Gloom and Doom Hits Los Angeles: Resources to Help Uplift Your Spirits

March 17, 2017 Shelly Hacco

By Rebecca Hu

With the continuation of winter weather (the ever so rare Los Angeles rain and cloudy skies), midterm season incoming, and the drastic changes occurring within our own government, some of us have been feeling a little bit down in the dumps. What was once meaningful activities seem to lose their meaning, the people around you grow distant, and sometimes your outlook on your day refuses to be optimistic. Whether it is because of the winter blues or midterm stress, here are my favorite resources that I use to help uplift my spirits.

One of the easiest go-to’s for me are the people around me. As those around us become busier, I often feel more distanced from our peers and it becomes more difficult to reach out to them. However, this is the first step. A little bit of this is accepting that it is okay to reach out for help, although I acknowledge how difficult this often can be. Another aspect is to know who to reach out to and that it is okay if some do not respond well, because there will always be someone willing to listen. Whether I call my best friend from home, my family, or even reach out to a fellow classmate, it is often nice just to be able to rant to someone and have someone just listen. I try to gauge either who will be patient and is available to listen to me or perhaps, who I know can relate to my problem and can provide me with advice. Even if it is about something as miniscule as the weather or a serious personal topic, I always feel better post this cathartic rant and reinforcing the feelings of community by reaching out to others.

Sometimes, however, it is easier to talk to those who I am not close to and perhaps, professionals. Therefore, I utilize the Engemann Student Health Center at USC and the counseling services that they offer. (Their website for this is: https://engemannshc.usc.edu/counseling/) Whether it is mindfulness training, individual therapy, or a more serious crisis support, they have a plethora of resources to offer students. Most of these services are free (up to a certain point) and work easily with USC Health Insurance! Specifically, in the Office for Wellness and Health Promotion, they have free Yoga and Mindfulness classes that are free and require no registration! Moreover, we have our very own USC Therapy Dog, named Beau.