My Love/Hate Relationship with Taxes

Now that all the W2s and 1098s have been received, it is time to get your taxes done Post Grads!

It's ok, you can do it. They aren't THAT hard.

However, they piss me off like none other. Now that we are no longer paying tuition, we no longer qualify for the American Opportunity Tax Credit. This credit is meant to help families afford higher education. Apparently now that we are repaying loans we don't need as much help.

I am also not yet 25 years old to qualify for the Head of Household tax credit. I don't know how much this one is for, because I've never gotten it, but how can they take away one credit and leave us in limbo for 2 years before we qualify for anther? I'm still the head of my household, even if I'm not 25.

Up until this tax year, most of my income that was taken through the year was returned to me. Up until this year I also was not working a full time, salaried job for an extended period of time. This year, I did not get the majority of my money back. I got maybe 1/4 of it.

After filing my taxes I came to the realization that as young, single, moderately successful members of society, we get absolutely screwed by the American tax system. My mother got 6 times as much back because she is over 25 and has 2 dependents. It's like the government is encouraging us to procreate!

Now, as much as I hate the unfairness of the tax system, I also love surprise money. Have you ever found a $10 bill in a coat pocket from last winter? Tax season is like that for me; finding money I forgot I had. My refund is enough still so that I can use it to explore the world. Ok, not the world, just Iceland, but that is still pretty awesome. Without my refund I would never be able to afford such a trip.

The tax system needs some revisions, but I suppose I cannot complain about surprise money too much. Have you all filed yet?

IRS

Beginning today, January 17, 2011, the IRS will be accepting tax returns. I have never done my own taxes, and I'm not going to pretend I have. My mother has been gracious enough to use the skills she learned at H & R Block to do my taxes every year. While doing this, though, she has made sure to teach me some things. And as post grads, our taxes just got a lot more complicated.

Forms you will need to get:

• W2 for every job you held in 2010.
• 1099 in case you were contracted
• 1098 T from your school to prove how much tuition you paid
• 1098 E from EACH of your lenders to prove how much interest you paid on your loans.

These forms are needed no matter what kind of return you file. There is also the American Opportunity Credit that all of you should look into. People who were in college in 2010 (that's us by the way) can qualify for up to $2500 more on your return. I highly recommend checking that out to see if you qualify. More information can be found here.

Good luck Post Grads! I hope you all get a great tax return this year.

What do you look for in a place to live?

By Shikole Struber

If you were going to move to a new state, what would be the things you consider about it?

Having attended the most politically active university in the country, politics would play a big role in where I decide to sign my next lease. CBS did an assessment of the most conservative and liberal states in America.

If you want to go conservative, head to:

Wyoming, Mississippi, Utah, South Dakota or Alabama.

If you are thinking liberal try:

Washington, DC (where I like to call home), Rhode Island, Connecticut, or New York.

There are also taxes to consider. They are decided on a state level and vary greatly. Some states don't have an income tax, while others rob you blind every paycheck. States that do not have an income tax include: Washington, Nevada, Wyoming and Florida.

Property taxes can also be sky-high. Especially if you are considering buying a home the next place you move, you should consider: Arkansas, Louisiana and Alabama. They have some of the lowest property taxes in the country.

What other factors should you consider when moving to a different state?