As finals week approaches and winter quarter comes to a close, many students may have thoughts of somewhere far away from school.

But with April 17 (not 15, as usual) on the horizon, some professors in the UW Business School view spring break as a perfect time for students to organize their tax returns.

Patricia Angell teaches several tax-related courses for the School of Business' master's degree program.

"The earlier you file, the more likely you are to get your refund quicker," Angell said.

Angell cites the confusion that many students may run into when they start to prepare their taxes as a reason for delaying, but said there are more options now available to students than ever before.

Those choices begin with whether to use tax preparation software, go to a company that prepares taxes for a fee or do them the old fashioned way — with pen and paper.

Companies such as H&R Block charge at least $85 for a simple student return.

Many of those same companies offer intriguing loan options against tax refunds, but Angell recommends students avoid them at all costs.

"The interest is horrendous," she said. "It shouldn't even be legal. If your situation is reasonably simple, then something like Turbo Tax is a good choice."

Running around $20 for the most basic version, tax software such as Turbo Tax can help eliminate mistakes on a return and simplify e-filing.

"Most students will be looking at refunds," Angell said. "E-filing will speed up their refund."

Then there are the forms: 1040, 1040A and 1040EZ, to name a few.

According to the IRS Web site, the 1040EZ is the most basic of the three, but it doesn't handle capital gains income, student loan interest deductions or child tax credits.

However, the 1040A form does handle these areas.

The 1040 form is the most complex of the three.

It accommodates for itemizing, typically utilized by those with a mortgage.

"The simpler form that [students] qualify for is the best form," Angell said. "There is less chance for errors on the simpler 1040s and it actually affects financial aid calculations."

Kay Lewis, director of Student Financial Aid, pointed out that students should make sure to have their 1098-T form ready when filling out taxes.

Students who didn't receive a 1098-T or misplaced theirs can print another copy from MyUW.

According to Angell, tax returns can be broken down into two categories: deductions and credits.

"Deductions are what you deduct from your income and credits are dollar-for-dollar reductions of your tax," Angell said. "So a credit is worth a lot more than a deduction."

The Hope Credit and the Lifetime Learning Credit are two that have the most impact on students.

The Hope Credit is a $1,650 credit per student and is only available to students in their first two years.

The Lifetime Learning Credit is a $2,000 credit per return and is available to students throughout their post-secondary education.

Angell also pointed out that it's important for students to coordinate their tax issues with their parents prior to filing.

"The student's return is very important to the parent's return," she said. "Make sure you're both not taking the same exemptions because that's a good, quick way to get an audit."

For students who are overwhelmed by tax season or just confused by deductions, credits and taxable income, there is help.

The UW Office of Student Fiscal Services offers several free workshops beginning March 7 to help students learn more about their tax options.

Angell recommends that students not shy away from calling the IRS to get questions answered.

"They have thousands of people waiting to answer tax questions," she said. "So what's to lose?"

Reach reporter Shaun Moore at news@thedaily.washington.edu.

More about taxes

»Patricia Angell also coordinates the enrollment for ACCT 401, geared only for juniors and seniors outside of the Accounting program, which gives students looking to start their own business a general overview on how to recognize critical tax situations.

»Deductions vs. Credits

Deductions are deducted from your income and credits are a dollar-for-dollar reduction of your tax.

»Tax software typically starts out at about $19.99.

»Most students receiving financial aid will want to use the 1040A form.

TAX 101: Free SFS workshops

Non-Resident Alien (NRA)

Student Tax 101:

March 7

10:30-11:30 a.m.

12-1 p.m.

HUB 209A

NRA Student Tax 101:

March 29

1:30-2:30 p.m.

3-4 p.m.

HUB 310

General Student Tax 101:

April 11

10:30-11:30 a.m.

12-1 p.m.

HUB 309

Graduate Student Tax 101:

TBA, during the week of April 9