Internal Revenue Service

7 tax tips for new college grads

7 tax tips for new college grads

Graduating from college brings huge life changes — many of which have big effects at tax time. Here are a few ways you can save a little money — or even snag a refund — come filing time.

1. Take interest in interest

Student loan payments are a fact of life for many new graduates. But up to $2,500 of the interest portion of those payments can be tax-deductible if your modified adjusted gross income is below $80,000 for singles ($160,000 for married couples filing jointly). And you can still qualify for the tax break if the loan’s in your name,...

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