With so many things going on in our lives at once, why should a person waste valuable time on something as boring and depressing as taxes. Especially for young people, Millennials, taxes are an afterthought. An annoyance dealt with once a year and forgotten. BTW, there's really nothing a young, single, independent professional can do to reduce their taxes anyways? Right? Wrong. Although many of the income tax deductions you see your parents take (children, mortgage, etc.) do not apply to you, there are some great savings in the tax code for us if you know where to look. Here are the top five.

Student Loan Interest Deduction
At the end of the year your student loan provider, whether its Sallie Mae or a private lender, will send you a form showing how much interest was paid on the student loan you took out to finance college: the best six years of your life. That interest is a 100% adjustment to your income which means if you paid $3,000 in student loan interest this year, then your income is reduced by $3,000 when Uncle Sam calculates how much you owe him at the end of the year. If you make over $50,000 that student loan interest deduction will become less than 100% and is completely phased out when you make over $70,000 modified AGI.

Moving Expenses
Gen Y is the most mobile generation in the history of mankind. That's great for tax purposes as well as for life experience. If you move more than 50 miles for a job, then the expenses incurred for that move are an adjustment to income just like the student loan interest deduction. Expenses like airfare, storing and moving your stuff, hotel rental on the way to your new home, boarding and shipping your dog, among many others are deductible. There are rules regarding the length of time you must spend at your new job to qualify for this deduction so make sure your move is for a long term gig.

Educator Expenses
Gen Y truly believes in making a difference with their professional endeavors. That's why so many of us are becoming teachers. But you ask any teacher, especially teachers in urban school districts, and you will get an earful about the expenses they pay out of their own pockets just to keep their classrooms running. Uncle Sam heard you and is giving you a break. Out of pocket expenses on things such as supplies, materials, books, software, etc. up to $250 can be taken as an adjustment to income.

Deduction for Higher Education Expenses
Gen Y is the most highly educated generation ever. We know it pays off in the long run to get an education. It also pays off in the short run when you calculate your taxes. You can take a deduction of up to $4,000 for tuition and mandatory fees paid to a qualified degree or certificate granting institution of higher education beyond the high school level.  If your income is over $65,000, your max deduction is $2,000. This deduction is phased out for MAGI over $80,000.

Alternative Motor Vehicle Credit
If you bought a new hybrid, electric, diesel, or other kind of clean vehicle after January 1, 2006, then Mother Nature and Uncle Sam want to give you a reward. You can claim a tax credit of between $400 to $4,000 against your tax liability, depending on the fuel economy and the model of your new clean vehicle. Your car dealer will give you the tax deduction information at the time of purchase. If you would rather spend as little time talking to a car dealer as possible, ask your local independent tax preparer for help with this and other tax saving deductions.