Filing for the first time

dartmouth26 — Mon, 09 Mar 2026 07:59:32 GMT

Filing taxes for the first time as a college student and I have some confusion about the Standard Deduction vs the Itemized. Which one is better to lower your tax bill and receive the largest possible refund. Also, if your tax bill is zero, will business expenses (supplies, rent, utilities) yield you a tax refund? Also, I've heard if you make under a certain amount as a business owner, you should receive a refund. Is this accurate?

I appreciate your help in advance!

Re: Filing for the first time

LoganathanB — Tue, 15 Mar 2022 03:36:07 GMT

The standard deduction for a single filer is 12550 and for married filing jointly it is 25,100.

If you itemize the deduction it should exceed the standard deduction for you to use itemized deductions to reduce your taxable income and get more refund.

You can deduct business expenses related to your business and it can help you to reduce the net income and less taxes.

It is not true if you make under certain amount as a business owner, you should receive a refund.

The refund is dependent on your taxable income and the tax paid by you.

Re: Filing for the first time

xmasbaby0 — Tue, 15 Mar 2022 03:39:11 GMT

https://ttlc.intuit.com/questions/1901530-how-does-the-itemized-deduction-differ-from-the-standard-deduction

Explain Standard Deduction—What is it?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-s-my-standard-deduction/00/26370

The standard deduction amount for an individual who may be claimed as a dependent by another taxpayer cannot exceed the greater of $1,100 or the sum of $350 and the individual’s earned income (not to exceed the regular standard deduction amount).

If you worked as an independent contractor then you have to file a tax return if you made even $400. You will have to pay self-employment tax for Social Security and Medicare, since no employer was withholding any of that from your earnings. And you would prepare a Schedule C for business expenses like supplies, mileage, etc. This is not the same a the Schedule A that would be prepared for itemized deductions like mortgage interest or property taxes, etc.

" Also, if your tax bill is zero, will business expenses (supplies, rent, utilities) yield you a tax refund?"

No. Having business expenses does not entitle you to a refund if your tax bill is zero.

" I've heard if you make under a certain amount as a business owner, you should receive a refund. Is this accurate?"

Maybe what you heard was that sometimes independent contractors get earned income credit, which is a refundable credit that either people who are self employed or who are W-2 employees can receive. If you are a college student you are most likely a dependent on someone else's tax return---which would make you ineligible to get earned income credit.

https://ttlc.intuit.com/questions/1899157-what-are-the-qualifications-for-the-earned-income-credit-eic-or-eitc

https://ttlc.intuit.com/community/dependents/help/when-do-i-have-to-answer-yes-to-being-claimed-as-a-dependent/00/1994319

So....have you done some work as an independent contractor? Examples would be driving for uber or Lyft, instacart, Doordash, or many other such things.

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/26653

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

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Filing for the first time

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Re: Filing for the first time