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Not investment advice, or a recommendation of any security, strategy, or account type.īe sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade. But that doesn’t mean you should pay more than you owe.Ĭontent intended for educational/informational purposes only. Taxes, according to Oliver Wendell Holmes, are what we pay for civilization. For goods, make sure they’re in good condition and be sure to get a receipt.
For cash gifts under $250, a canceled check or credit card statement is fine. If you cleaned out your closet and donated the contents to your favorite charity, or if you made cash donations, that’s another deduction, Greene-Lewis said. Plus, if a child forgoes school, parents can switch the account to another child or take it back.Ħ. Earnings are totally tax-free and you keep control over the funds, Kiplinger said. Look to a state-sponsored 529 college savings plan to send Junior to school. Parents who adopt children can deduct many expenses via a tax credit, with the maximum credit at $13,190, so keep records carefully.ĥ. Uncle Sam blesses births and adoptions by taking off $3,950 for added dependents, and another $1,000 for kids via a child credit, according to the Internal Revenue Service’s Credits & Deductions page. Interest on the mortgage loan and property taxes are both deductible, making this a significant write-off for many people, Greene-Lewis said.Ĥ. This is probably one of the biggest deductions for many people. One hundred percent of HSA contributions are deductible from gross income, up to the limit, which in 2016 was $3,350 for an individual and $6,750 for a family, according to the IRS. People who are self-employed or have a high-deductible health insurance plan of at least $1,250 for an individual can establish an HSA, said TPI Group, a Virginia-based tax advisory. People who are self-employed can also save for retirement by contributing 25% of their income, up to $53,000, and taking a deduction, Greene-Lewis said.Ģ. Whether you decide on a traditional IRA where savings are allowed to grow on a tax-deferred basis until withdrawn, or a Roth IRA, in which funds are taxed up front but then allowed to grow tax-free, depends on what you think your tax bracket will be when you’re ready to begin withdrawals as a retiree. For 401(k)s and 403(b)s, you can squirrel away up to $18,000-and if you’re over 50, you can set aside another $6,000, she said. Not only will your future self thank you, but it may cut your tax bill by sheltering pre-tax earnings in a 401(k), 403(b), or traditional IRA. Here are some quick ways to save yourself some money for this tax year. That opens up the ability to write off charitable contributions, unreimbursed employee expenses, and even what they paid to get taxes done, including tax software,” she said. But they could really maximize it if they itemize. Seventy-five percent of people take the standard deduction. “If you do just standard deduction, you’re not able to maximize as much. Lisa Greene-Lewis, a certified public accountant and the TurboTax blog editor, said people should look at the difference between taking the standard deduction and itemizing. Gather W-2s, 1099s, and other income documents for the revenue agents.Īnd if you’ve been working for a few years, chances are you have a few opportunities now to cut the tax bill. If you’ve been filing taxes for several years now, you know the routine.
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