3 Tax Tips for Millennials to Own Their Personal Finances

Read the Article

If you’re a millennial, you’ve likely just graduated from college, started your first job, or maybe you’re looking to rent or buy your own place for the very first time. We know that this can be a pivotal time in your life, and it can be hard to stay on top of your finances when you’re likely trying to balance paying off debts, such as student loans, while managing current bills, like rent, and beginning to invest in your future and retirement.

We know it takes a little extra help, so our TurboTax Live CPAs and Enrolled Agents are here to share some tips that will help you stay on top of your taxes and overall finances.

Check your withholding; your tax situation is going to be changing quite a bit in the next couple of years. For example, you may be starting your first job, where you can get your first 401k started, or you might be paying off student debt. If your withholding isn’t correct, that might mean you’ll end up owing at tax time, so be sure to check your withholding. – Ernie Sadashige, CPA for 13 years

If you’re a recent college grad: remember to review your tax withholding on an annual basis because your income may increase and you may receive an unexpected higher tax bill.” – Claudell Bradby, CPA for 19 years

Contribute to pre-tax retirement plans! Remember, let them grow for the future.” – Miguel Burgos, CPA for 6 years

If filing your taxes seems daunting, don’t worry – TurboTax has you covered and will ask simple questions about you and your income to give you the tax deductions and credits you’re eligible for based on your answers. If you have questions while you are doing your taxes, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent with an average of 15-years experience to get your tax questions answered from the comfort of your home. TurboTax Live CPAs and Enrolled Agents are available in English and Spanish and can even review, sign, and file your tax return.

Leave a Reply