7 Practical Gifts for College Grads

Consumer savings expert Andrea Woroch has been featured as a media expert source on NBC's Today Show, FOX & Friends, MSNBC, ABC News NOW and many more.

Sure, an all-expense-paid trip to Europe seems like the ultimate graduation gift. However, college students who face thousands of dollars in academic debt may need to jump on the job hunt sooner than expected. With new financial responsibilities looming, recent grads will appreciate whatever help they can get.

To help soften the real world blow, here are 7 practical gifts that job-seeking college graduates will appreciate:

Resume Service
The first thing employers see is an applicant's resume and cover letter. Unfortunately, the style of these documents has become more complex in recent years. Graduates won't get noticed using the old method of simply listing experience by date. Cover letters are now approaching works of art, mentioning much more than that applicant is interested in the job and is a good team player, trustworthy and a hard worker.

A resume service will create updated documents so subsequent resumes and cover letters live up to modern standards. Costs run roughly $100 to $200, depending on the services you desire. It's worth paying extra to have an expert explain the latest tricks and how graduates can alter these documents for each job. Sites like ResumeMyCareer can help you compile a professional and competitive resume at an affordable cost.

Home Furnishings

After living with cinder-block bookshelves and saggy mattresses for four years or, worse yet, being surrounded by their childhood furniture while living at home, graduates might appreciate an upgrade on everything from a couch to kitchen implements especially those moving into a new apartment to be closer to their new 9 to 5 job. You might also put together a basket of upscale bed and bath products so the grad can finally dump their dollar-store shampoo and soap.

Gift Cards

The 2011 crop of college graduates faces more debt than any other generation, so money is always a welcome gift, especially to help them get through that first, unstable post-school year. Grads not comfortable with the idea of asking directly for money can create a gift card registry at CardAvenue.com to receive gift cards from hundreds of merchants in a variety of categories from apparel to food, gas and much more.

Job Interview Clothing
Suits can be overkill in some places, unless the graduate lives in a big city or is looking for a management position. Most employers will expect something a bit more casual these days. Men should have a dress shirt, pants and shoes with a matching tie and, perhaps, a sports coat. Women will need a demure outfit of skirt and blouse or dress with basic pumps. A coordinated jacket would nicely complete the outfit.

Foreign Language Lessons
College graduates face a tough job market and with high unemployment rates, that means more experienced competition. Given any opportunity to improve his or her skill set, grads can make themselves more marketable to potential employers depending on the position. Consider gifting Spanish lessons (Rosetta Stone is an effective and affordable option) or perhaps a GMAT review course for help towards MBA school admissions.

Briefcase

Backpacks and messenger bags are great for toting books and water bottles, but grads will have a better chance of securing a job when they show up looking sophisticated. A soft-sided briefcase with room for a laptop, resume binder and lunch will give any job seeker a more professional appearance.


Smartphone

With instant email access and GPS navigation, a smartphone will keep recent grads connected with potential employers and recruiters so they never miss an interview opportunity or an offer. Not to mention, the various apps that offer banking on-the-go, cheap dinner recipes and location-based drink specials to help make their lives a little easier.

Six Tax Benefits for Job Seekers

The top challenge in our economy is getting people back to work.

There are millions of taxpayers taxpayers who are spending the summer months searching for employment, so I thought I would pass along these tidbits from the Internal Revenue Service on job search expenses that can be deducted.

Hopefully, these are helpful:

1. To qualify for a deduction, the expenses must be spent on a job search in your current occupation. You may not deduct expenses incurred while looking for a job in a new occupation.

2. You can deduct employment and outplacement agency fees you pay while looking for a job in your present occupation. If your employer pays you back in a later year for employment agency fees, you must include the amount you receive in your gross income up to the amount of your tax benefit in the earlier year.

3. You can deduct amounts you spend for preparing and mailing copies of your résumé to prospective employers as long as you are looking for a new job in your present occupation.

4. If you travel to an area to look for a new job in your present occupation, you may be able to deduct travel expenses to and from the area. You can only deduct the travel expenses if the trip is primarily to look for a new job. The amount of time you spend on personal activity compared to the amount of time you spend looking for work is important in determining whether the trip is primarily personal or is primarily to look for a new job.

5. You cannot deduct job search expenses if there was a substantial break between the end of your last job and the time you begin looking for a new one.

6. You cannot deduct job search expenses if you are looking for a job for the first time.

For more information about job search expenses, see IRS Publication 529, Miscellaneous Deductions at IRS.gov or call 800-TAX-FORM (800-829-3676).