As tax season approaches in April, Syracuse University students are assisting their peers in alleviating their tax confusion.

The Beta Alpha Psi Tax Assistance group will provide free income tax assistance to all SU students, faculty and staff, according to a March 20 news release from the Martin J. Whitman School of Management.

Two sessions were held in Flaum Grand Hall on March 1 and March 22. The last opportunity for assistance is April 5 at the Southside Innovation Center (SSIC).  At this session, assistance will be offered by appointment only, according to the release.

Beta Alpha Psi is an honorary organization for financial information that seeks to encourage and give recognition to educational and professional excellence in the business information field, according to its website.

The Beta Alpha Psi Tax Assistance group’s goal is to educate others about the process of filing a basic tax return, said Mitch Franklin, assistant professor of accounting practice at SU, in an email. The students do not prepare and file the returns.  Instead, they offer guidance, such as whether students should claim themselves as a dependent, which Franklin said is the most common mistake he sees.

This tax season will be the first time many SU students file their taxes independently. The complicated and numerous forms can make filing a tax return a difficult task, especially for the first time.

Many students simply don’t know where to start, Franklin said.

“We look to get the taxpayer started so that they know what forms they need and even direction of where they can go to file their return electronically, as there are many resources out there,” Franklin said.

These resources include the numerous tax-filing software programs such as TurboTax, TaxACT and H&R Block At Home.

Using a program like TurboTax made filing a tax return easier to understand, said Lorenzo Marquez, a sophomore economics major.  Marquez filed his taxes independently for the first time this year.

“It’s a very easy process, so I really see myself using that sort of software in the future,” Marquez said.

Doing one’s own taxes represents a transition from being a child to an adult. Financial literacy is an issue on which all college students should receive an education, Franklin said.

“Students are here to be adults, and as an adult, they need to take responsibility, and this includes one’s own finances. As college is the time to learn to be an adult, it is time to learn how the tax laws will apply to your professional life,” Franklin said.

Most importantly, Franklin said, the sessions held by Beta Alpha Psi are a learning experience not only for those seeking help, but also for the members. Students in the tax assistance group can apply what they learn in class to the real world while helping people in need, Franklin said.

“It is a positive experience for all,” he said.

Marquez, who was not aware of these sessions, said he feels it’s a good idea.

Said Marquez: “As young people, people have their first jobs and they don’t necessarily know how to fill out their taxes, and I think it’s great that their peers are able to provide knowledge.”

Published on March 25, 2013 at 11:07 pm

Contact Brendan: [email protected]