Save on Taxes All Year Round!

If you’ve managed to catch all 50 of these when you file your taxes, take a second and pat yourself on the back. But chances are that you could’ve missed a few of these. So take a few minutes and read through this list—it could really pay off in the months ahead!

  1. Fund an IRA.
  2. Boost your retirement savings.
  3. Switch to a Roth 401(k).
  4. Go for a health tax break.
  5. Pay child-care bills with pre-tax dollars.
  6. Ask your boss to pay for you to improve yourself.
  7. Give yourself a raise.
  8. Pay back a 401(k) loan before leaving the job.
  9. Tally job-hunting expenses.
  10. Keep track of the cost of moving to a new job.
  11. Install alternative (green energy equipment in your house or business).
  12. Give away mutual fund shares or appreciated stocks as charitable contributions.
  13. Keep track of what you spend while doing charitable work.
  14. Remember to claim dependents (born or adopted).
  15. Time your wedding for a December or January ceremony.
  16. Beware of Uncle Sam's interest in your divorce.
  17. Save for college the tax-smart way.
  18. Use Coverdells to pay for private school tuition.
  19. Use a Roth IRA or savings bonds to save for college.
  20. Fund a Roth IRA for your child or grandchild.
  21. Use a Roth IRA to save for your first home.
  22. Convert from a traditional to a Roth IRA.
  23. Undo a Roth conversion gone bad.
  24. Protect your heirs with up-to-date 401(k)s & IRAs.
  25. Roll over an inherited 401(k).
  26. Help your adult children earn a credit for retirement savings.
  27. Deduct interest paid by mom and dad.
  28. Make the most of the tax-free home sale profit.
  29. Don't underestimate the cost of home-equity debt.
  30. Second homes can offer a vacation from taxes.
  31. Watch the calendar at your vacation home.
  32. Stay actively involved in rental real estate.
  33. Use a tax-free exchange to acquire new property.
  34. Use an installment sale of real estate to defer a tax bill.
  35. Convert a vacation home to your principal residence.
  36. Take advantage of tax-free rental income.
  37. Check the calendar before you sell.
  38. Keep a running tally of your tax basis.
  39. Mine your portfolio for tax savings.
  40. Tell your broker which shares to sell.
  41. Think twice about selling stock for a profit if you're subject to the AMT.
  42. Pay tax sooner rather than later on restricted stock.
  43. Consider tax-free bonds.
  44. Use Treasury bills to defer taxes.
  45. Include travel expenses in medical deductions.
  46. Crank in the value of deducting long-term-care premiums.
  47. Hire your children.
  48. Don't be afraid of home-office rules.
  49. Stash cash in a self-employed retirement account.
  50. Take Uncle Sam shopping for your new business vehicle.

To read in-depth about any of these topics, please see for further details and resources OR give us a call! We’re happy to help you answer any questions you have!

Beaton Accounting