7 Out of 10 Americans Lost These Tax Breaks When They Filed Last Year

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2. Moving expenses

If you moved to a new location because you have a new job or workplace, you may qualify to claim the cost of your moving expenses as a deduction on your federal income tax return. Unfortunately, most taxpayers mistakenly believe that they can deduct these expenses only when they relocate to take another job. But what about your first job?

So, a recent college graduate who gets his/her first job at a distance from where he or she has been living is actually eligible for this tax break. This tax break is found in the adjustments to income section at the bottom of Form 1040.

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