SoFi Blog

Whether you’ve been filing taxes for 5 years or 15, it never seems to get any easier. Maybe it’s because a whole year goes by between each tax season—plenty of time to forget everything you learned about W-2s, deductions, and tax credits the year before (not to mention your e-file password).

Meanwhile, the older you get, the more complicated your tax situation tends to be. As you earn more income and achieve new financial milestones, you face questions like what expenses are itemized tax deductions, what’s considered income for tax purposes, and if you can write off interest payments on your student loans.
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Life is too short for a formal education in tax code—getting a handle on a few of the basics can help you maximize your tax refund (or at least minimize what you owe). Here’s a roundup of sage tax advice for young professionals from financial experts to make your tax return a breeze—or just less terrible than usual.

If the United States economy was a movie, student loans would be the super villain– or at the very least, a founding member of the Suicide Squad.

Over the past decade or so, outstanding student loan debt has grown faster than a toxic algae bloom, surpassing a whopping $1.3 trillion. Saddled with increasingly scary levels of debt, young professionals have decreased spending and put off major purchases, such as buying a home, fueling an ongoing drag on the economy. Inability to pay student loan debt can even lead to mental health issues and physical illness, which can have a major impact on employee productivity and business performance.

With the average student loan debt burden on the rise, it’s little wonder that loans often hold people back from pursuing their entrepreneurial goals. At SoFi, we’ve heard these stories time and again – friends, classmates and SoFi members who dream of starting their own businesses, but who feel trapped in a traditional job because they need to make that loan payment each month.

Spring has sprung – at least officially – and with it the urge to open all the windows, break out the broom and clean house.  But why stop there?  Your finances can also benefit from a little spring cleaning, and it’s something you can do even if it still feels like winter outside.

As a busy young professional, it can be tough to closely monitor your money situation on a daily basis.  But if you’re willing to spend a few of these extra daylight hours getting organized, you can save yourself a lot of time, stress and even cold hard cash in the long run.  Here are six essential and effective ways to do it:

SoFi is reimagining IRAs by offering a 1% IRA match on eligible contributions.