Parents of new graduates might not be eligible to claim their children as dependents anymore. The kids are grown up now and become "independent" for tax purposes upon reaching age 19 and no longer in school full-time or upon reaching age 23. Parents may want to review their tax projections to see the impact of having one less dependent and adjust their withholding or estimated tax payments accordingly. Read More...

Persons who have just graduated from high school or college may be eligible for various tax deductions or tax credits to help lower their federal income tax on their 2012 tax return. Read More...

New grads who are starting a new job may be eligible to receive employee benefits provided by their employer. Each employer customizes their benefits package, so the type of benefits offered will vary from employer to employer. Typical employee benefits include the opportunity to purchase coverage under a group health insurance plan, to purchase coverage under a group life insurance plan, or to receive subsidies for mass transit or college tuition. Some employers also offer a group retirement plan to foster long-term savings. Each of these benefits comes with tax incentives that help make these benefits more affordable to workers. Read More...

Persons graduating from high school or college may be starting to work for the first-time, or starting their first full-time job with benefits. This is a good time to learn (or to review) how wage income is taxed, what a paycheck is, how to read a paycheck, and how to set an appropriate level of tax withholding when starting a new job. Read More...