By Abbie Steinly, Staff Writer
An event was held providing students with advice regarding taxes and financial planning; a topic not often taught in school, but very critical to postgraduate life.
The Center for Academic Achievement, CAA, held “Adulting 101” on Tuesday, Feb. 20, where Rick Davis, professor of accounting, discussed with students the importance of taxes.
About 30 students attended the hour long session to hear the university accounting professor talk about the ins and outs of government, federal and state taxes.
“I came because it’s important for me to have an idea on how to do my taxes since I am graduating in three months,” said senior Dylan Smith.
In the session, Davis showed a short video about the history of taxes while explaining a little bit about the new tax act passed by the president in December. He showed another video that went over who benefited and who did not from the new tax plan.
Afterward he talked about the dangers of Internal Revenue Service, IRS, scamming and used knowledge from having worked for the IRS himself. Davis warned students about phone calls from employees of the IRS that tell you that you owe more money than your taxes actually stated. He advised that if you receive a phone call like this it is best to just hang up.
Davis then went over the different documents and forms that students need to know for when filing their taxes. He gave students copies of the many tax forms: 1040, W-4, PA-40 and 1040EZ, and went step by step how to fill out each line that students would need to know. Davis also went over terms and numbers on the forms so the students had more of an understanding of what each form is used for.
“I don’t want to see people underpay their taxes, but at the same time I would hate to see anyone overpay,” Davis said. “It’s important that people understand their legal responsibilities and I enjoy helping them find areas where they can save.”
He explained that some employers offer retirement plans like 401K’s or 403B’s that will help people save money for retirement.
Davis also explained to students the difference between dependents and independents and how that can change your tax deductibles.
Virginia Larson, associate director of academic achievement & junior/senior experience, plans all of the “Adulting 101” sessions.
“We want Susquehanna students to not only have the classroom information and knowledge but also the skills to be successful in life,” Larson said.
Sophomore Michelle Hippel, helps Larson come up with the topics of the sessions.
“I usually think about things that would help me personally and then I ask my friends and other students on campus things that they would like to learn how to do or would benefit them,” Hippel said.