Tax Planning for Millennials
Tax Planning for Millennials
Millennials (ages 22-37) range from just entering the workplace to being fully settled into their careers. However, the entire generation can benefit from some general tax planning considerations. Here are some tax planning tips to be considered by any member of this generation:
- If you have a high-deductible health insurance plan, consider contributing pre-tax funds to an HSA to fund medical expenses
- Take advantage of cafeteria plans at work
- Consider claiming continuing educational expenses as a business deduction where eligible
- Manage student loans for optimal use of the above-the-line deduction for interest paid
- For any contract/gig work, understand the tax ramifications of being treated as an independent contractor vs. an employee
- Understand the tax deductions (and limitations) that may be available related to financing and taxes when purchasing a home
https://www.journalofaccountancy.com/issues/2017/sep/tax-planning-for-millennials.html