| Now that school is over and you have graduated, it's | | | | to take this and run, but consider itemizing instead. If |
| time to jump into the real world of work and taxes. | | | | you think that credits, exemptions and deductions might |
| Here are a few tips just for you. | | | | give you a lower tax liability, you can consult a tax |
| If you need to relocate 50 miles or more for a job, | | | | professional or check it out on income tax software. |
| there's a tax deduction for that. The regulations and | | | | Either resource can tell you whether you are better |
| limitations of this deduction are tricky, for instance | | | | off itemizing or taking the standard deduction. |
| lodging and gasoline expenses can be deducted, but | | | | College students often give away their old belongings |
| food can't be deducted. So, before you go jumping at | | | | after graduation. Consider donating these items to a |
| a job 200 miles away, research this tax break | | | | charity and getting a receipt. The deduction could |
| extensively. | | | | come in handy on your income tax return. |
| Credit card companies are targeting college students | | | | More college graduates than ever, especially those in |
| especially, and even after graduation. While it is not a | | | | technology fields, are moving from school directly into |
| tax tip, it is good advice to stay away from opening | | | | self-employment. There is a host of deductions, credits, |
| too many credit card accounts. Credit cards do not | | | | and exemptions for individuals starting up in business |
| represent free money and they can get you in financial | | | | for themselves. Contact a tax professional to discuss |
| jams that have negative results when it comes time to | | | | your situation if this is a move you are considering. |
| pay taxes. | | | | Money is probably somewhat tight at this juncture in |
| You will now be able to deduct the interest you pay | | | | your life, but it may do you well to consider consulting a |
| on your educational loans. As a recent graduate, this | | | | tax professional in order to realize the benefits that |
| could be a substantial amount of money for you. Be | | | | come with your tax status. Because of being a recent |
| aware, however, that the deduction phases out as | | | | graduate, you fall into a one-time category with many |
| your income reaches $65,000 annually. | | | | benefits and pitfalls regarding taxes. Having the |
| If you take your standard tax deduction, you will realize | | | | guidance and experience of a tax professional at this |
| a tax credit of $5450 if you are single and $10,900 as | | | | time in your life might be well worth the cost in order to |
| a married couple. Claiming head of household gets you | | | | guarantee you the lowest tax liability you can |
| a standard deduction of $8000. You might be tempted | | | | legitimately get as you start out in the working world. |