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Tax Write-Offs for Millennials

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    It seems like it's millennials this and millennials that. All focus is on us for one reason or another. Perhaps because we are gaining ground on the work force and the torch will pass to us one day(scary thought). I remember being in college and doing my tax returns for the first time. There is no telling what I could have written off, but didn't because I was uninformed. Now that I'm out of the world of mid-finals and pub crawls, I'm taking a more serious approach to my taxes.

    You can write off student loan interest. I've read that you can deduct as much as $2,500, as long has you have a modified adjusted-gross income below 80k or 160k if you're married. Remember, you can write off one-time courses as well, even if the course doesn't lead to a degree of some kind. So, that means you can totally take that Russian class at the community college.

    For those of you who may be between jobs or at least earn less than 14k, you can qualify for an earned-income credit. There is also something to be said about moving extra money into a retirement account. You can contribute up to $5,500 a year into an IRA and can deduct the full amount.

    Don't forget job-related credits, such as travel costs for relocation to a new job. You can even deduct job-hunting expenses such as fees from agencies, even down to the cost of printing off your resume.

    So, there is hope for the new kids on the block. These tax credits could really help someone who is starting to look toward the long-term. Has anyone written off similar items? Are there other write-offs that I haven't even thought about?

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    The student loan write off is a good one. Something I didn't know about until last year. Sucks to have missed out for so many years. We really need more comprehensive education on all the available deductions out there. It's crazy what you will miss out on simply by not being told. I went through a few tax consultants before finally my current tax pro told me about it. Apparently even experts aren't always completely on the ball either.
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    It reminds me of those old commercials with that guy in a green "dollar sign" suit, screaming at the camera, "The government owes you money, but they don't want you to know about it, buy my $50 book and get the grants you deserve."
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    J.K.Logic Wrote: The student loan write off is a good one. Something I didn't know about until last year. Sucks to have missed out for so many years. We really need more comprehensive education on all the available deductions out there. It's crazy what you will miss out on simply by not being told. I went through a few tax consultants before finally my current tax pro told me about it. Apparently even experts aren't always completely on the ball either.
    It's a shame how difficult it is to find out about all the various tax write offs. You'd think there would be an easier way for average people to figure out what write offs they are eligible for. It's almost like you have to be a professional tax lawyer to understand it all.
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    Good thread. Wanted to bump to include this:

    4 Tax Breaks Millennials Can’t Afford to Miss

    Includes some that we haven't yet covered here, mainly:

    Retirement Saver's Credit. If you make less than $30,500 and are already putting money back for retirement, then you qualify for a $1000 tax credit.

    Lifetime Learning Credit. If you are paying for your schooling mostly out of pocket and make less than $64k, you can possibly qualify for as much as a $2,000 credit as well.

    Moving Expense Deduction. If you relocated because of a job switch more than 50 miles away, you can deduct - driving expenses, shipping and storage fees, plus the costs of hiring a moving van.

    Share more if you can find any.

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    bryce28 Wrote:

    Good thread. Wanted to bump to include this:

    4 Tax Breaks Millennials Can’t Afford to Miss

    Includes some that we haven't yet covered here, mainly:

    Retirement Saver's Credit. If you make less than $30,500 and are already putting money back for retirement, then you qualify for a $1000 tax credit.

    Lifetime Learning Credit. If you are paying for your schooling mostly out of pocket and make less than $64k, you can possibly qualify for as much as a $2,000 credit as well.

    Moving Expense Deduction. If you relocated because of a job switch more than 50 miles away, you can deduct - driving expenses, shipping and storage fees, plus the costs of hiring a moving van.

    Share more if you can find any.

    Thanks for the update on this. Knowledge is power, especially when it comes to government programs etc.