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College Students & Grads in Durham - A Simple Guide to Filing Your First Tax Return

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Filing taxes for the first time can be confusing, especially when you’re juggling classes, internships, part-time jobs, or entering the workforce after graduation. Whether you’re attending Duke, North Carolina Central University (NCCU), or Durham Tech, it’s important to understand your tax responsibilities and how local services can help. At Tirthankara Services LLC, we specialize in tax preparation Durham NC, and we're here to make your first tax season as smooth and stress-free as possible.

Why First-Time Filers in Durham Need Professional Tax Help

Many students and new grads assume that filing taxes is easy and something they can manage with free online tools. But in reality, even simple tax situations can come with unexpected challenges. If you’ve received multiple W-2s or 1099s, paid tuition, earned scholarships, or had a paid internship, you could be eligible for valuable credits or deductions. Filing incorrectly could cost you money or delay your refund.

Our team understands the specific needs of students and young professionals in Durham. We take the guesswork out of your return so you can focus on your studies or your career without worrying about tax errors.

What You'll Need to File Your First Return

Getting your documents in order is the first step. Here’s a list of what you should collect before meeting with your tax preparer:

  • W-2 forms from any employer(s) you worked for in the past year
  • 1099 forms if you freelanced or earned gig income
  • 1098-T form showing your tuition payments
  • 1098-E form if you paid student loan interest
  • Bank interest statements (1099-INT)
  • Scholarship or grant documentation
  • Your Social Security Number (SSN) or Taxpayer Identification Number (TIN)

If you're unsure whether something counts as taxable income, we can help clarify during your consultation.

Key Tax Credits & Deductions for Students and Grads

If you’re filing taxes in Durham for the first time, don’t miss out on these potential savings:

  • American Opportunity Tax Credit (AOTC): This credit helps cover undergraduate education costs and could reduce your tax bill by up to $2,500.
  • Lifetime Learning Credit (LLC): If you're attending grad school or taking classes for career development, you might qualify.
  • Student Loan Interest Deduction: If you started repaying your student loans, you can deduct up to $2,500 in interest.
  • Standard Deduction: If no one else is claiming you as a dependent, you can take the full standard deduction.

With our local expertise in tax preparation Durham NC, we’ll help you identify which credits apply and ensure you file accurately.

Federal vs. State Taxes in North Carolina

North Carolina has its own tax forms and rules. If you earned income in Durham or anywhere else in the state, you’ll need to file a North Carolina state return. Our team ensures that your state return aligns with your federal filing and includes all applicable local deductions.

FAQs: What Students and Grads in Durham Are Asking

Q: Do I need to file if I made less than $12,950 last year?
A: You may not be legally required to file if your income was below the standard deduction, but you should still file. You may be eligible for a refund or tax credits you can’t receive otherwise.
Q: Can my parents still claim me as a dependent?
A: Possibly. If your parents provided more than half your support and you lived with them for part of the year, they might still qualify to claim you. We can help determine this.
Q: I worked in another state over the summer—do I need to file there too?
A: Yes. If you earned income in a different state, you may need to file a non-resident return for that state in addition to your North Carolina return.
Q: What if I received a scholarship or grant? Is that taxable?
A: Generally, scholarships used for tuition and required fees are not taxable. However, funds used for other expenses, like housing or travel, might be. We’ll help you sort it out.
Q: Can I file my taxes myself with software?
A: You can, but software doesn't always catch everything. Many first-time filers miss out on refunds or make small errors that delay processing. Working with a local professional gives you peace of mind.

Why Choose Tirthankara Services LLC for Tax Preparation in Durham

We know how important your time is as a student or a new graduate. That’s why we offer personalized service, quick turnaround times, and clear explanations at every step. Our goal is to empower you with knowledge while taking the stress out of filing.

With professional tax preparation Durham NC, you won’t just check a box—you’ll make smarter financial choices from the start. Whether it’s your first job, your last semester, or your first big promotion, we’re here to support your success.

Ready to file with confidence? Visit Tirthankara Services LLC today to schedule your consultation and get started on the right financial foot.