LEXINGTON, Ky. (LEX 18) — Tax season on the Transylvania University campus has been a busy time since 1980. That’s when the university began putting its accounting students to work.
“It’s a really good thing to get out into the community and do something nice for the less fortunate,” said Andrew Elam.
Elam is in his junior year at Transy. If he follows through on his dream of becoming a Certified Public Accountant, he’ll be a third-generation CPA like his father, grandfather, and one older sister before him.
Elam and many classmates will offer free tax prep services each Monday during February in the Cowgill building on campus. Those who’ve earned less than $62,000 in gross income will qualify for this free service. They’ll even file it for you once the forms are completed.
“We have access to all of the tax codes and reference sheets, so we’ll be ready to go when the time comes,” Elam said.
Elam’s classmate, Calvin Schubert, reminds everyone to bring all their appropriate paperwork: W2 form, all forms 1098 or 1099, dependent social security numbers, mortgage interest statements, and receipts from all work-related expenses.
“For example, there’s teacher credits,” Schubert explained. “You get to spend up to $700 a year on teacher things, and you get to deduct that on your taxes,” he continued.
While the client receives a high level of tax preparation from the students, the students get some practical experience and a more straightforward path to reaching their career goals.
“We actually graduate with enough credits to take the CPA (exam) right after graduation,” Schubert noted.
“Transylvania University is the only school in Kentucky that does the VITA (Volunteer Income Tax Assistance) program and gives credit to its students,” Elam said. “We’re very prepared to handle these returns. We’ve been going through training for weeks now. A lot of hours in the classroom, and certifications online as well,” he added.
If you qualify for this free service and want to try it, follow this link to register for an appointment and review the list of required forms. Volunteer Income Tax Assistance - Transylvania University
