by Patricia Dworzak
Daily Lobo
According to the IRS, there are 18.4 million tax filers between the ages of 18 to 24.
That age group is losing money by not filing taxes correctly, according to a study by Turbo Tax. The study also stated people in this age group say they are being ignored when it comes to filing taxes.
Fahd Malik, a student at UNM, said one year he filed his taxes himself and only received $8. He said the reason he didn't get much money was he didn't know how to file correctly.
Colleen Ferrin, spokeswoman for Intuit, a company that makes tax preparation software, said the company created a Web site called RockYourRefund.com in response to the study.
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"Right now there is unmet aid," she said. "Our hope is to bring them into the franchise."
She said the company recognized there was a market for 18- to 24-year-olds but saw there wasn't a Web site designed to help them.
Malik said he hires an accountant to help him, but he would consider the Web site if it was guaranteed to give him the maximum refund.
Ferrin said the site has a clean look and easy directions to help the first-time filer. It does not use any tax jargon, she said, so it is not intimidating and is easy to understand.
Student Sean McGrail said he would use the Web site because filing taxes can be a tedious duty.
"I filed my taxes as soon as I could," he said. "I had my father do it."
Ferrin said when users first log onto the site, they receive answers to frequently asked questions, including the basics, such as what a W-2 is. She said the user is then led step by step through the software.
Ferrin said anyone filing taxes online will need the appropriate tax documents on hand. She said the calculations done by the site are guaranteed. If any math errors occur in the refund, the company will pay the difference.
Ferrin said RockYourRefund.com does have a $5.95 charge for filing federal taxes and a $9.95 for state taxes, but the cost includes the option to e-file.
"A tax franchise could cost over $100 for a simple return," Ferrin said. "No one wants to file manually. This software cuts that time in half."
Ferrin said that e-file is an electronic way to put your refund directly into a bank account. She said by e-filing, taxpayers can get their refund in as little as 10 days. They are given a receipt, and they can check the status of the return. She said there is less than 1 percent error rate.
Ferrin said the study Turbo Tax conducted showed that new taxpayers want their taxes done quickly and accurately, but they don't want to spend too much time thinking about them.
She said many people in this age range don't care about their taxes, but they do want a refund. She said the site is dedicated to this idea.
The deadline for filing taxes is April 15.
