5758 Blackshire Path, Inver Grove Heights, MN 55076
Recent college graduates & new professionals
Your first job brings more than a paycheck. We help connect your tax return, workplace benefits, student loans, and savings choices as you build your career.
Find your tax preparerTax preparation and planning for the start of your career.
Start with the decisions that matter
Graduating, renting your first place, and starting a career can all affect your return. At MFG Tax Advisors, we look beyond the forms to help identify relevant credits, deductions, and planning opportunities. The right approach depends on your income, benefits, family circumstances, and goals.
Your first paycheck
Starting work after graduation, changing jobs, or adding a second job can change how much tax should come out of each paycheck. We can review your expected income, recent pay stubs, and federal and Minnesota withholding so you can make informed W-4 choices.
A larger refund is not automatically a better result. The goal is to pay an appropriate amount throughout the year.
Your final year of school
Your graduation year may still include qualifying tuition and other education expenses. We can review eligibility for the American Opportunity or Lifetime Learning Credit and coordinate those expenses with scholarships and tax-free 529 withdrawals.
Who claims you as a dependent matters. A new job does not, by itself, settle that question, and special rules can restrict refundable credits for students under age 24.
Your student loans
Interest paid on an eligible student loan may qualify for a deduction even when you use the standard deduction. We can review your loan statements, income, filing status, and dependency situation to determine whether it applies.
If your employer offers qualifying educational assistance, we can also review its tax treatment. Interest paid tax-free through that program cannot also be deducted on your return.
Your retirement savings
Pre-tax workplace contributions can reduce current federal taxable wages; Roth contributions use after-tax dollars and can provide tax-free qualified withdrawals. We can compare those choices, review IRA eligibility and deductibility, and consider how employer matching fits your savings plan.
A lower-income year can make Roth contributions worth considering, but Roth is not automatically the right choice. Contribution limits, cash needs, and future tax expectations matter.
Your workplace benefits
An HSA may offer deductible or excluded contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses when you meet the requirements. We can review contribution records, employer deposits, and eligible expenses. We can also help you understand a workplace health FSA.
HSA eligibility depends on health coverage and other rules, including dependency status. Employer HSA contributions count toward the annual limit. FSA deadlines and carryovers depend on your plan.
Your side income
Freelance work, consulting, tutoring, or other gig work can create income tax and self-employment tax obligations. We can help identify deductible business expenses, organize records, and review whether additional payroll withholding or estimated payments are needed.
Taxable side income must be reported even when no tax form arrives. A separate reserve for taxes can help you plan for the amount due.
Your Minnesota rental
Eligible Minnesota renters may claim the Renter’s Credit through their Minnesota income tax return. We can review residency, household income, dependency rules, and your Certificate of Rent Paid to determine whether you qualify.
Paying rent does not automatically qualify you. Keep your Certificate of Rent Paid, and tell us if you moved or shared a rental during the year.
Your move or job change
Moving after graduation or working across state lines can mean more than one state return. We can review where you lived, where you performed work, employer withholding, and applicable state rules to help determine filing obligations and potential credits for taxes paid elsewhere.
Remote work does not automatically make income taxable only where your employer is located. Keep move dates, work locations, and each state’s wage and withholding records.
How we help
Talk through your job, schooling, family support, and income sources. Review prior returns and the benefits available through your employer.
Prepare your federal and applicable state returns, review eligible credits and deductions, and explain the results in straightforward terms.
Identify practical next steps for withholding, contribution choices, and recordkeeping. Revisit the plan as income and responsibilities change.
Make the most of your appointment
Let’s review where you are today and the tax decisions coming next.
General educational information, reviewed October 29, 2026. Eligibility, limits, and tax treatment depend on the tax year and your circumstances. Not every strategy applies to every taxpayer. Review current IRS and Minnesota guidance with your tax preparer.