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:
- Filing as a dependent when you’re independent
- Skipping out on health insurance
- Forgetting to deduct student loan interest
- Miscalculating deductions for the cost of relocating
- Withholding too much for taxes