Year-End Tax Tips

As reported on abcnews.com, here are some tips on savings for the upcoming tax season:

  • Invest in a retirement fund – most tax experts suggest this because it is an easy deduction. Taxpayers may invest in an IRA account until April 15 or a 401k plan until December 31.
  • Charitable giving – this is good for your taxes and society. Taxpayers can deduct most charitable giving as well as any out-of-pocket expenses for charitable causes, including travel, parking, etc.
  • Energy tax credit – if you add solar panels or any energy-efficient home improvements, you may be eligible for a tax credit (up to $1,500).

There are also many other tax credits, such as the child tax credit, tax credit for cars, and tuition/scholarship tax credits. Visit abcnews.com to view more. And remember, keep documentation for any items you intend to use as a deduction or as a tax credit.

Have any other tips or suggestions? Please share below!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s