upworthy

irs

Images via Canva

Young accountant, goat farmer.

Look, there are certain jobs that aren't at the top of the "dream list." You don't often meet 14-year-olds who, when asked, "What do you wanna be when you grow up?" answer: pencil pushers! But in a world of influencers and content creator wannabes, Gen Z (or at least some of them) is ready to get serious.

When many think of the Zoomer generation (born between 1997 and 2012), there are a few things that come to mind. These folks are characterized by wanting to make a difference in the world and leave it better than how they found it, but they're also not naïve. When it comes to practicality, Gen Z is all about making the most of the ever-changing world—especially the financial market.

According to an article by writer Preston Fore for Yahoo! Finance, the accountants from the Boomer generation (and there are millions of them) are retiring, leaving a huge gap. "The industry is facing a talent shortage crisis. While it’s been lamented as one of America's most boring jobs and headed down a path of extinction, Gen Z is realizing the six-figure career opportunity."

accountant, money, work, jobs, boomers, gen z, workforceSeason 8 Nbc GIF by The OfficeGiphy

Smart thinking. But in typical Gen Z fashion, many are combining their logical desire for fail-safe employment with actually making the world a better place. One way is volunteering to help others with the VITA (Volunteer Income Tax Assistance) program—which helps provide free tax consultation to those in need. The IRS is working with a handful of universities to help aspiring accountants in college get their feet wet AND make a difference.

Fore notes the story of Alana Kelley, a third-year student at Oregon State University. She has already helped many with their taxes, saving them much-needed money in these trying times. "One was a goat farmer who had only a landline and no access to the Internet. Another was a young woman who was financially supporting her sister. Kelley was able to help them obtain a life-changing $6,000 back in refunds."

VITA has been around for over 50 years, and Gen Zers are genuinely making use of it. Fore shares, "Last year alone, an army of more than 280 CSUN students helped over 9,000 low-income taxpayers claim nearly $11 million in tax refunds and $3.6 million in tax credits—plus save them over $2 million in tax preparation fees."

taxes, calculation, accountants, money, finance jobsFiguring out our finances may be getting easier. Photo by Towfiqu barbhuiya on Unsplash

Many Redditors are backing the idea. On the subreddit r/accounting, someone asks, "Gen Z is making accounting cool again?" As expected, a few commenters push back on the "again" part. A few more respond to the aforementioned article with suspicion, as though the IRS is paying for it. But one person defends it: "VITA was a very cool program for both audit and tax aspiring accounting student to join. Most of the successful accountants I've known joined VITA. It's also led by younger students these days, so it's even more well-known within the Gen-Z students group." Another got straight to the point: "We just want money and free time bro."

Accounting isn't the only occupation Gen Zers seem to be drawn to. As there are fewer guaranteed roads to success, some Zoomers are skipping traditional college altogether and instead training to become plumbers, electricians, and other vocations that don't need a hefty degree. An article for the New York Post cites a recent study showing that a lot of folks of the Gen Z generation were interested in blue-collar work. "The survey of 2,091 people aged 18 and over found that Gen Z was becoming the 'toolbelt generation' because of the shifting attitudes and soaring cost of a college education."

plumbers, trades, vocations, work, gen z Plumbing Plumber GIF by Family GuyGiphy

With higher tuition and way less of a safety-net, many are thinking long-term, and if they can find a way to make a positive impact at the same time, all the better.


True
Ad Council + AICPA

Just like that weird smell coming from the back of the fridge, if you ignore your taxes, they won't go away.

I totally get it. Taxes can seem really stressful and intimidating. So much so that sometimes it's easier to just forget about them altogether.



GIF via "Empire."

But with a little prep and some research, the experience can be totally painless and, yes, even enjoyable.

If you're a recent grad or just young enough to remember the "Fresh Prince" theme song, there may be a lot of free money and deductions on the table. So put on your best grown-up face and get ready to do this. Because you totally can!

Now, whether you've already submitted your taxes for 2015 or you're thinking ahead to next year, keep these six tips in mind.

1. Get your act together.

Beginning in January of each year, you're going to start receiving some important tax forms in the mail (or electronically if you've set that up with your employer). The envelopes will usually say "IMPORTANT TAX DOCUMENT ENCLOSED." When you see it, stop what you're doing, grab the document, and put it in a safe place. If you're into fancy office goods, this is a perfect opportunity to splurge on a nice paper tray. However, any manila folder, Trapper Keeper, or padfolio will do just fine.


Do not keep them outside where they can blow into the water and your future wife has to jump in and get them. GIF via "Love Actually."

2. Call your mom.

Before you file, it's important to know whether or not your parents or guardians are still claiming you on their taxes. If you're a full-time student or living at home, you should really check in to make sure everyone is on the same page about your status.

GIF via "Party Down South."

(Plus, your mom remembers when you were really small, and she's going to be really proud and excited to hear that you're doing your taxes on your own. Let her have this.)

3. Look for tax credits and deduct like a boss.

First a quick terminology lesson. Deductions reduce the amount of income subject to tax while tax credits directly reduce the tax itself. Got it?


GIF via "Planes, Trains and Automobiles."

If a tax credit or deduction applies to you, you should strongly consider taking advantage of it. Here are some that many millennials often miss:

— Hit the books with the lifetime learning credit.

This tax credit allows you to deduct $2,000 of qualified education expenses. It includes things like graduate school tuition or courses you're taking to acquire or improve job skills. You don't have to be working toward a degree, and you can use this credit for as many years as you want. Still an undergrad? The American opportunity credit may be a better fit for you.

Photo by Brittany Stevens/Flickr.

— If you're done with school but still paying, you can deduct student loan interest.

With this deduction, you can reduce your income subject to tax by $2,500. Like most tax credits, there are some income stipulations, but odds are good you fall under the umbrella.

Photo by Ed Ivanushkin/Flickr.

— Going on job interviews? Deduct those fresh resumes.

If you spent time looking for a new job in your current field, then you may be eligible to deduct job search expenses. These include printing and mailing resumes (in case you're hunting for a job in 1975) and travel expenses. It's important to note, though, you can't claim this one if you're searching for your first job or if you've taken a big break after your previous job ended.

Photo by Robert Sheie/Flickr.

— Moving for work? Get reimbursed for that U-Haul.

Did you move more than 50 miles to take a new job? First off, congrats. Second, you may be able to deduct reasonable expenses you incur as a result of the move. This includes things like your plane or train tickets to get to your new destination, the storage unit you rented, the hotel you stayed in while traveling cross-country, and even the miles you put on your car. Save every last receipt and report your expenses on this form.

Photo by shrinkin'violet/Flickr.

— The government may pay you to save for retirement. Take them up on it.

The saver's credit is meant to help middle and low-income workers save for the future. (You can check out this helpful table to see if you meet the income requirements.) If you do qualify, it's a chance to get a credit for contributing to an IRA or 401(k). You can also stack your benefits and take your credit alongside your tax deduction. Boom! Now we're talking.

Photo by Ken Teegardin/Flickr.

4. Be sure to report your side hustle.

Drive for Uber on the weekends? Sell vintage tea kettles on Etsy? Win a few thousand bucks playing the ponies? You need to report all your extra income, along with gambling and contest wins to the IRS. And if you are a small business owner, you may be eligible for a few extra deductions or credits.


GIF via "Regular Show."

5. It's totally OK to ask for help.

You don't lose any adult-ing points if you need help doing your taxes. The U.S. tax code is complicated and filled with exceptions. If you bought a home, made investments, or just need help navigating some of the credits and deductions, it may be worth your time and money to talk to a professional tax preparer or accountant. If hiring a pro isn't in your budget, many communities offer free tax help from knowledgeable professionals and volunteers.

And if you already filed, no worries. Make an appointment this summer to see what receipts, forms, and documents you should be saving for next year.

GIF via "The Big Bang Theory."

So while death and taxes are pretty much certainties, this is not a season to dread.

Armed with all of your forms and a little inside knowledge, you can make tax time work for you. And in this day and age, you can even make the Internet work for you by asking a real, live CPA for advice or searching through more specific deductions to see if you qualify.

Just take your time, take a deep breath, and remember:

GIF via "Community."