Millennials RockBut, we know that navigating the waters of your taxes can seem rocky at times. It doesn't have to be with the right tax advisor.
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Is the idea of tax season causing you anxiety?
You are not alone.
Taxpayers aged 18-34 say they are fearful about some aspect of preparing their taxes.
Of these taxpayers turn to friends or family with questions instead of tax professionals.
Of these taxpayers are worried about making a mistake on their returns, or even leaving money on the table.
LET US FREE YOU FROM YOUR TAX ANXIETY.
Are you still living at home with the parents?
Coordinate with them as much as possible. This isn’t just for the sake of a hand to hold or information. When you live with your parents, you may still qualify as a dependent based on how much money you made in 2015. If you made less than $3,900 a year, your parents can claim you, and this also affects your own tax information. In general, listen to their advice and knowledge – they are probably much more versed in tax lingo and mechanics than you are.
Are you still in school?
If you’re still in school, this can also affect you and your parent’s taxes if you also still live with them. If you’re under the age of 24 and going to college or university full time, you also can be claimed as a dependent. If you’ve taken out any loans, these can be deducted up to $2,500. Tax credits also exist for students going to school full time in their first four years of college, like the American Opportunity or Lifetime Learning Credit.
Are you a new college graduate who had to move to find work?
You may be eligible for deductions due to a work related move. Newly graduated students who move a certain distance to take a job can have the money it cost to move and drive household goods from one place to another deducted from their tax form – as long as you have been working in the new location for at least 39 weeks AND full time.
Whatever major changes you go through in life, there is likely a tax credit or changed tax information that can apply to said change. Many millennials are going through major milestones – whether it’s getting married, having children or buying a home of their own. All of these new changes in life come with their own set of tax credits, like mortgage interest deductions or a $1,000 child tax credit. Don’t try to navigate it all alone!