First Job: benefits, salary, etc.

Just got my first FT offer. Economic Consulting firm. Graduating college in 15 days. Have a few questions about the benefits and such, mainly on the tax end of things.

Can anyone explain to me the benefits of setting aside pretax income for transportation expense? I'll be living in NYC (probably lower east side) and commuting to midtown. Is it even worth doing this set aside thing? Are there tax benefits?

What kinds of things are tax deductible? Is my move deductible? Should I save receipts on what I ship? My airfare? Brokers fees to find a place? Etc.

I think that's all the questions that are on the forefront. If you guys think of anything that has to do with anything that can help me with taxes, or the move, or anything let me know. First "real" job and I don't want to get sodomized on taxes.

 
Best Response

Congratulations on the job. You should have googled these, it was an easy search. Since I'm happy for you, here you go:

-Move, tax deductible (yes): http://www.irs.gov/taxtopics/tc455.html -Move, airfare (yes): http://www.irs.gov/pub/irs-pdf/f3903.pdf -Commuting (no): http://www.smartmoney.com/taxes/income/deduct-your-commuting-costs-1566…

See the form linked in "Move, airfare". Those are all the things that can be included as moving expenses. Oh, and this is assuming you are moving from more than 50 miles away.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

If you're talking about a flexible spending account (I think that's what it's called), then I have that at my company as well. Basically, set aside $112/month to pay for an unlimited metro pass. Like you said, it's pretax. So, assuming a tax rate of 30%, you'll save $11212(0.30) = $400ish/year. Up to you if it's worth it (hint: it is).

I think moving expenses are tax-deductible, so it'd be wise to save that info as well. Not 100% sure on that though.

 
ngh09c:
I think that's all the questions that are on the forefront. If you guys think of anything that has to do with anything that can help me with taxes, or the move, or anything let me know. First "real" job and I don't want to get sodomized on taxes.

Oh, and in return for that simple Google search (despite being wrong on the commuting thing), posting your story/how you got your offer on the Success Stories would be appreciated.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
D M:
ngh09c:
I think that's all the questions that are on the forefront. If you guys think of anything that has to do with anything that can help me with taxes, or the move, or anything let me know. First "real" job and I don't want to get sodomized on taxes.

Oh, and in return for that simple Google search (despite being wrong on the commuting thing), posting your story/how you got your offer on the Success Stories would be appreciated.

Already done, bro. Did that before I posted this. One step ahead of you.

 

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"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee

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