Well, it’s definitely tax season and millions of Americans are scrambling to not only file their tax returns, but research and understand all the plethora of tax regulations that come into play each and every year. There are millions of graduating students who will be soon heading off to college with their well-deserved scholarship monies. However, not knowing whether or not your scholarship money needs to be reported to the IRS can be not only frustrating but certainly a challenge for most people. With that said, the professionals here at Tax Alternatives want to reach out to all our valued clients and assist with all those scholarship tax questions and concerns
IS IT TAXABLE?
Most people are unaware of the fact that they may need to report a part of the scholarship monies awarded them to the IRS. Not all of your scholarship monies are taxable which is why it is so important to reach out to the team here at Tax Alternatives to handle your upcoming tax filings. There are specific guidelines to adhere that would make your scholarships nontaxable including, attending a college or institution for purposes of seeking a degree as a full time or a part time student. In addition, scholarship monies that are used to pay for tuition, enrollment fees, or books and equipment required for your up and coming courses are not taxable as well.
However, scholarship monies used for room and board, research, materials not specific to your college courses, or even travel must be reported to the IRS. As a matter of information, if your scholarship money is, in fact, your only source of ‘income’ then students do not need to report their scholarship monies or even file at all. There are a number of different forms that can be used for filing your taxable scholarship monies including a 1040 form, 1040A form, 1040EZ form, 1040NR form or a 1040NR-EZ form. The form used will be dependent upon your individual tax and income scenario.
PROFESSIONALS YOU CAN TRUST
Here at Tax Alternatives our team of highly skilled and experienced tax specialists understand full well how complicated, confusing, frustrating and challenging tax season can be for nearly every person and certainly we understand the challenges tax season presents to young students. With that said, our team takes a great deal of pride in our top of the line tax preparation and filing services we provide to all our Brentwood clients and those in the surrounding towns. We are on hand to provide only the highest quality tax preparation, calculation and filing services this side of the state.
The tax specialists at our Christian based company, recognize that tax season presents with a vast number of regulations that must be adhered to and for those individuals who haven’t an understanding of these tax rules, the entire process can be near to frightful. Our team of certified tax specialists is definitely the team for you. We strive to deliver the best all round tax preparation and filing services Brentwood has to offer. We know that young students who are recipients of scholarships have little to no knowledge about the scholarship tax requirements and laws. That’s where our team of dedicated professionals comes in.
We can certainly alleviate your frustration, anxiety and fears with our top-rated, yet affordable tax preparation and filing services. Our experts are on hand to assist with the filing of your scholarship tax and any other tax needs you may have. Simply give a shout out to one of our staff members today and schedule a free consultation. We look forward to serving you and to not only providing you with superior tax services, but providing you with the peace of mind needed to know that your taxes are being handled by some of the absolute best in the industry. Don’t delay. Tax season is here so contact our friendly team of specialists today!