Tax season approaches: Make sure you're prepared
Jan. 14, 2015
The holiday decorations have been packed away, the new year's been rung in. What's next? Tax season.
But don’t panic -- while IU's office of University Tax Services can't offer advice to employees, university tax manager Vickie Fry shared a few tips to make the process go smoothly:
When will I get my W2? The approximately 80 percent of IU employees who have elected to receive their W-2 tax forms online can access them starting Jan. 15. View, download or print your W-2 by logging into OneStart, going to the "Employee Center" and clicking on the "Payroll & Tax" link.
W-2 forms for employees who have elected to receive them via U.S. mail will be postmarked Jan. 30.
When can I file my taxes? Both the IRS and the state of Indiana will begin accepting electronic returns on Jan. 20.
Do I need to adjust any information for 2015? You can update your Indiana state exemptions, county of residence/work and federal withholding allowances through OneStart as well. Not sure what to do about your federal withholdings? Fry shared a link for a nifty IRS withholding calculator that will help you figure out whether you need to update your W-4 form. It's a personal choice, but your election helps determine whether you receive a refund or owe the government money.
What if I have special circumstances? The University Tax Services' website offers tips for employees about fringe benefits such as taxable gifts, tuition benefit and personal use of an IU vehicle as well as a tax calculator and information for those working outside the state.
Need help? IU's Volunteer Income Tax Assistance Program offers free tax preparation services to qualifying residents and non-resident students. See the VITA site for additional information, or contact firstname.lastname@example.org.