Taxes constitute a significant portion of annual expenses a family has to incur. Plan your taxes carefully to avoid shelling out large amounts of your hard earned income on deductions, which could have been avoided. These tax planning and saving tips can help you manage your taxes better:

A new graduate

A new graduate can save taxes in a number of ways. If you are relocating to a place more than 50 miles from your current location and your relocation amount hasn’t been reimbursed by your employer, you can deduct the cost incurred by you for the trip. You can also deduct travelling expenses taking into consideration 16.5 cents a mile. If you have taken an education loan, the interest paid on the loan can be deducted.
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