|
Receive the latest Shorthorn
updates in your e-mail inbox.
Enter your Email address below
STUDENTS
LOCAL
|
Taxing Times
Accounting interns from UTA help ease tax-related stress
The Shorthorn staff
The Shorthorn:Drew Campbell
With the deadline for filing federal income taxes coming up on April
17, people are rushing to accountants for advice, increasing demand
for those with tax know-how.
Patel, like many business and accounting majors, took an internship
at an accounting office for the duration of the tax season.
The 21-year-old enjoys dance music and beer, two things as far from
accounting as can be, but Patel has found his calling in the tabulation
of corporate and individual income tax.
“I’ve always been good at math, and I wanted to do something
that incorporated that and business, so I went with accounting,”
Patel said.
An unassuming beige building houses alumnus Rankin’s offices.
Rankin, who graduated in 1977, has been a certified public accountant
for the last 26 years and hires undergraduates as interns.
“I like hiring from UTA, especially during tax season, because
it’s a good school with a good accounting program,” he said.
“So, I know I’m getting someone who knows what they’re
doing. I like getting interns early when they’re learning, give
them some real-world experience and slowly move them up to full-time
positions. Plus, I got to support my alma mater.”
Patel got the internship by posting his résumé with the
university’s employment services. While he does have some accounting
background, Patel did not know what to expect out of this year’s
tax season.
The 2006 tax season brings new laws, Hurricane Katrina credits and many
confused taxpayers. The workload may seem unbearable, but Patel is confident
he can manage.
“I’ve been working a lot of late nights and going to bed
a lot later, but, hey, this time of year, if you work at a tax office,
some extra hours are really expected, so it’s cool,” he
said.
Accounting senior Truc Ta, an intern at the same office as Patel, said
making sense of tax laws for clients is a noble thing to do. She enjoys
helping clients understand the bureaucratic language.
Ta said that so far this year, the interns have seen several people
and tax returns, and among those were a few confused students.
“There are a lot of people out there that don’t even have
a basic understanding of what the income tax is, and even more have
no clue as to what is tax-deductible,” she said. “Some students
don’t realize that a few common college expenses are tax-deductible,
like tuition and interest paid on student loans.”
Patel thinks college students and the general public should take time
to learn about their taxes. He recommends that students have an understanding
of the process and says a professional accountant will help.
“Some people think taxes are nerdy but, hey, someone’s got
to do this job, and you’re better off coming to a nerdy accountant
than paying the IRS a lot of money,” he said.
CORRECTION
The article should have stated that Jack Rankin’s accounting office is in Bedford, Texas.
|
Some commonly missed deductions
•Donations
•Tuition
•Moving expenses
•Health insurance premiums or
co-pays paid
•Student loan interest paid
•Attorney fees
Note:
Books, housing and meal plans are not tax-deductible. |
