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Tax Tips for Millennials
Okay, I'll admit it. I'm (Emily) a millennial. I just can't ignore it any longer. I'm an "elder millennial" but a millennial just the same. And boy do I have some tax tips for the other people my age.
1. It's never too early to have a tax professional prepare your taxes.
This may seem biased but hear me out. It doesn't have to be my firm. Pick another one. BUT, pick a firm that will give you attention. Where you won't be just another social security number crossing their desk. What you really need is someone who will pay attention to your return and notice when things need changing. Owing money every year? Your tax professional should be recommending ways to save you money so you don't end up owing in. You also want someone who can help you plan for the future. One way to keep from owing money on your taxes is to put money into an IRA or 401k. This leads me to...
2. It's never too early to save for retirement.
I can't tell you how many people I know that are my age (or younger or older) who don't have some kind of plan in place for retirement. They'll joke and say "I'll quit when I'm dead!" But...really? Do you really want to work until you die? You don't want to be able to take your grandkids for a day at the zoo or travel to the Grand Canyon with your spouse? I don't buy it. Start putting away a small amount each paycheck into an IRA or 401k now so you can enjoy life when you reach your "golden years". Ask your tax professional how this can help you with your taxes as well. If you need a referral to a great financial planner, send us an email and we'll get you in touch with the one we work with!
3. Ask for help.
If you are starting a new job and filling out your I-9 and W-4 and signing up for benefits like insurance and 401k options and are unsure of how to do it, or how much to take out - give us a call. We are here to help you with any needs related to taxes. We can help you fill out the withholding forms based on how much you will be making and your individual situation. The same with the 401k/retirement options. We can walk you through the best amount to put in based on your individual tax situation at that time. If you want to make changes, give us a call for that too and the same applies.