5 Common Tax Mistakes Made by Millennials

5 Common Tax Mistakes Made by Millennials

An anonymous reader writes: “Millennials, who range in age from early twenties to mid-thirties today, are in a life phase of ongoing change and evolution — from students to graduates to independents to spouses. Navigating the in-betweens of these many major milestones is no cakewalk. In addition to the standard financial commitments that accompany such major milestones, millennials must remain mindful of how their ever-shifting circumstances influence their tax obligation. Here are five common tax mistakes made by millennials to watch out for” by Stefanie O’Connell:

  1. Filing as a dependent when you’re independent
  2. Skipping out on health insurance
  3. Forgetting to deduct student loan interest
  4. Miscalculating deductions for the cost of relocating
  5. Withholding too much for taxes


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