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Southbourne Tax Group Review: How to deal with your taxes better as a college graduate

Expect almost massive changes in your life if you are a fresh college graduate, and this includes tax time as well. Southbourne Tax Group understands this new changes in your life, thus the following were made to help you get a refund during filing time, to save money as much as possible, and of course, to deal with your taxes better.

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Southbourne Tax Group Review: How to deal with your taxes better as a college graduate

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  1. Southbourne Tax Group Review: How to deal with your taxes better as a college graduate Expect almost massive changes in your life if you are a fresh college graduate, and this includes tax time as well. Southbourne Tax Group understands this new changes in your life, thus the following were made to help you get a refund during filing time, to save money as much as possible, and of course, to deal with your taxes better. If you’re single and your modified adjusted gross income is below $80,000, then up to $2,500 of the interest portion of the student loan payments can be tax deductible. And for married person filing jointly, it should be below $160,000. Searching for a job and its expenses can also be tax deductible but on certain conditions. You can’t deduct the expenses included in your hunt if you are finding a new job in a new career field or if you are working full-time for the first time. But if you’re moving to that new city for your first job then it could include major tax breaks. Begin your retirement savings today with your company’s 401(k). Contributing on such can help secure up to $18,000 every year from your income taxes. If you are single, you can secure $3,400 from a health savings account if you’re enrolled in a high-deductible health plan. And if you have a family coverage, it is $6,750. An additional $2,600 out of your taxable income can also be kept by putting your money into a flexible spending account. If you are currently planning to be a freelancer or to be your own boss as a fresh college graduate, then you can expect to claim huge deductions for business expenses. It would

  2. also be better to save at least 25% of your earnings for the IRS, Southbourne Group said. Learning about Lifetime Learning Credit is also essential. Up to $2,000 of the tax credit can be claimed each year for post-secondary work at eligible educational institutions. That is if you’re single and have an adjusted gross income below $65,000 and below $131,000 for a married person filing jointly. Thinking about saving? Well, it can surely bring a lot of benefits like cutting your tax bill. In case you’re single and had an adjusted gross income of less than $31,000, you can qualify for the saver’s credit, and $62,000 for married filing jointly. One factor that can also be reduced on your tax bill is when you contribute to an eligible retirement plan from up to 50% of the first $2,000 and $4,000. Southbourne Tax Group advises using free packages from any tax software companies if your tax situation is pretty simple. You can also get some professional help without spending too much on it like trying out Volunteer Income Tax assistance program or other related programs.

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