What are some of the mistakes that trip up young people in particular with taxes?

Filing status. If you're under 25, your parents can still claim you as a dependent — but that doesn't mean they should. It's really a question of who gets the biggest benefit. In past years, that's often been the parents. But this year, if you made less than $13,440, you qualify for the Earned Income Tax Credit, and everyone gets the Making Work Pay credit. And they're what's called "refundable," which means you get them even if you don't owe any taxes at all. If you qualify for more than $850 in refundable credits, it's probably a bigger benefit to file independently. But you have to run the numbers every year, because the laws change.

If my parents pay my student loans — or some of them — who claims the interest?

This is one situation where the IRS lets you claim interest paid by someone else — you can claim it, even if you didn't pay it! But not if your parents claim you as a dependent, and not if they co-sign the loan.

Who decides, ultimately?

Your parents make the call. And a lot of young people think that's not fair, because they were going to get refunds, and now they're not. But if it means your parents get an extra $1,000 back, versus your $100 refund — well, sometimes you can negotiate with your parents. My dad is notoriously frugal, and, many years ago, he wanted to claim me. I talked him into giving me the amount I would have received if I'd filed on my own. It made me happy, and he still came out ahead.

What other mistakes do we make?

Not being aggressive enough about deductions. In most cases, you don't make enough to itemize. But for some young people, like if you live in a high income tax state, it might make sense to itemize. If you have big medical expenses, or job search expenses, you can deduct those; if you do a lot of volunteer work, you get a mileage deduction if you drive for that. So it would be a mistake to assume right away that your situation is easy or that you shouldn't itemize.

This is a question from the community. Logan says she's done her taxes for this year, but now that she's doing more freelancing, next year is looking more complicated. What can she do to make it easier?

She may want to look into estimated payments. If you're doing freelance work and contract work, they're not taking out any taxes, which can be a shock. You can fill out form 1040-ES, TurboTax usually has a tax planner, or she can ask whoever helped her this year (if someone did). And if she's going to owe tax, set some aside. Now. So it doesn't hit you all at once.

What should she keep, receipts-wise?

Every piece of paper related to her business. No one ever says, I had too much paper. If she's not sure if it's deductible or not, let someone else make that call. If you're not organized, just put them in a big Tupperware. Or if that's too much clutter, you can use something like Neat Receipts, which lets you scan them. The IRS accepts scanned receipts now.

You've mentioned getting help with your taxes, and Karen asked that question, too: Is there an advantage to hiring someone to do your taxes? Can you do it yourself?

If you're the kind of person who can't be bothered, or you don't want to be stressed about it, find a good tax pro. They don't necessarily charge a flat fee, they often charge based on the complexity. So if your return is easy, it won't cost that much. If you go that route, find someone with an office year-around, not a pop-in. The biggest issue is never in April, it's making sure you've done the right thing by December of 2010, and having someone you can talk to then is really valuable.

Moriah wants to know about getting an extension. Does she have to do more than send in the form?

You used to have to give an excuse to get an extension. Now you just fill out Form 4868. But it's only an extension of the time to file, not the time to pay. So if she owes, she'll want to make a payment at the time.

But if you haven't done your taxes, how do you know how much to pay?

You have to guess, but if you pay equal to your liability from last year, you won't be subject to penalties.

Kate is a Virginia resident who went to school in Illinois and now lives in Texas. Where on earth does she file?

Sadly, you have to look at each state. There's no uniform rule — it depends on the rules in each state. In most states, you count the place where you actually live at the end of the year. But not all. The good news is, if you paid taxes in two states, most states will give you a credit for the taxes you paid elsewhere.

This is from Adam: "I've heard there's a program offered this year that allows you to deposit your refund into a high-interest, tax-free savings account." Is that true?

Almost. It's not an account, but you can buy Series I bonds with your refund. (See: Bundle's story about the new program.)

Thanks, Kelly. Do you have any other advice?

Keep your eyes and ears open for significant changes. In this economy — politicians are trying to do a lot to appeal to middle class taxpayers. And 2008 was a record year for non-payers, meaning they had zero tax liability or got money back. People think there's no benefit to filing, but there's a really good chance to get money back.

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