How does New Grad or nurses decrease their tax?

Cait720 · Jan 26, 2013

I work two full time RN jobs as a new grad and I am trying to find ways of decreasing the amount of tax. I mean it is nice to recieve two checks but I think I'm being taxed too much because I don't have any dependents and am not married. How can I decrease my tax?
How do new grads or RN in similar situation go about doing it?

Buy a condo/house. Property taxes will make up 1/3-1/2 of your monthly payments, depending on what area you're in, and they're tax deductible. Contribute to a 401k, that money isn't counted in your taxable income. Other than that, there isn't a whole lot you can do. The tax system isn't kind to single people with higher incomes. As someone in the exact same situation as you, new grad with no kids and 2 jobs, I can relate.

DoGoodThenGo · Jan 26, 2013

It isn't just nurses or *you* but anyone living in NYC/NYS, we're a high tax place and that is all there is to it.

Shouldn't run out and purchase property, instead you need to seek out the advice of a good tax/financial planner or accoutant for advice on your situation and how to legally reduce your tax exposure. For instance most deductions for real estate/property are only of value if you itemize. Persons taking the standard deduction see little to no benefit and that includes the mortgage interest deduction.

Your situation is a common one, especially for single NY'ers with no dependents, heck it even affects those married and with or without children. There are times when the extra income from say working two jobs or taking on overtime just isn't worth the increased taxes.

Since you are raking in all this dough! *LOL* I'd make sure to take advantage of all possible tax free savings/retirement funding. It is also a good time to pay off all outstanding debt and establish a decent savings, say towards a purchase of a home or an emergency fund.

Other than that the only sure fire way to lower your tax exposure is to move out of NYS area, however once you do that you no longer make "NYC" money either.