If you have recently graduated from college, you are probably concerned about your taxes. The good news is there are some tax breaks available for recent college graduates and today we will be covering them in this article.
Moving Expenses
If you were fortunate to land a new job out of college yet not in the same area, you can deduct your moving expenses that are not reimbursed. The best part is to write them off you do not even have to itemize your deductions. However, in order to qualify, the job has to be more than fifty miles from your current home and you must work full time for at least 39 weeks during the twelve-month period after your move. If you meet both of those requirements, you are able to deduct mileage, packing materials, gas and cost for the moving truck, and your lodging expenses (not including food).
Student Loan Interest
When you start claiming your own exemption, you are also able to deduct your student loan interest. This is something that you definitely want to make sure that you do because you can write off up to $2,500 annually. This deduction can be made on Form 1040 or Form 1040A.
Closing Thoughts
At Huddleston Tax CPAs, a Seattle CPA firm, we can advise you. These are just two of the tax breaks for recent graduates. However, before filing your taxes make sure that you have looked into other tax breaks for recent college graduates so you can keep the maximum amount of your hard-earned income in your pockets. Call us at (425) 483-6600!