It is that time of year again, time for taxes and if you have not already filed yours then it is crunch time.

The deadline for your dues to Uncle Sam is April 15, however, if needed you can get an extension until Aug. 15 and even longer until Oct. 15. Although you can receive an extension on the filing of your taxes you do not receive an extension if you owe money to the government, those fees are still due as of April 15.

College students, do not feel you are exempt from this process, according to Art Sparks, CPA and partner of Dunn, Creswell, Sparks, Smith, Horne & Downing, if you work at all you should file taxes.

As for the issue of who claims you on taxes Sparks says your parents and you need to calculate the taxes to see how it works out best for the both of you, and file in the manner that is best for you and your guardian.

There are also a few new tax credits available for college students that you and your families should be aware of. The HOPE Scholarship Credit and the Lifetime Learning Credit are among these credits.

The HOPE Scholarship Credit can save up to $1,500 per eligible student while the Lifetime Learning Credit equals 20 percent of the first $5,000 of qualified tuition and fees paid by the taxpayer each year, for a maximum credit of $1,000. To find out if you and your family qualify for these credits you can visit NewAccountantUSA.com.

Sparks offers some advice for filing, “file your taxes as soon as possible, give your correct social security number, and give the correct numbers for money made and taxes with held.”

During his time as a CPA Sparks has noted that these basic mistakes will slow down your processing time tremendously and they are simple mistakes that can be avoided.

So before you sit down to tackle this endeavor be sure to have the appropriate materials at hand. You will definitely need the following: W-2’s from all employers, correct social security number, statements of interest earned from banks and credit unions, and the appropriate tax forms (which can be obtained from your local library).

There are a variety of ways that you can now file your taxes. You can file by mail, telephone or even online. Sparks recommends filing first online, second by telephone and lastly by mail.

“Filing online is very simple it gives you the step-by-step process of what you need to do and you simply enter in the information it asks for,” said Sparks.

You can find more information about filing your taxes and each of these options by visiting IRS.gov just remember April 15 is your deadline.