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!
- Fund an IRA.
- Boost your retirement savings.
- Switch to a Roth 401(k).
- Go for a health tax break.
- Pay child-care bills with pre-tax dollars.
- Ask your boss to pay for you to improve yourself.
- Give yourself a raise.
- Pay back a 401(k) loan before leaving the job.
- Tally job-hunting expenses.
- Keep track of the cost of moving to a new job.
- Install alternative (green energy equipment in your house or business).
- Give away mutual fund shares or appreciated stocks as charitable contributions.
- Keep track of what you spend while doing charitable work.
- Remember to claim dependents (born or adopted).
- Time your wedding for a December or January ceremony.
- Beware of Uncle Sam's interest in your divorce.
- Save for college the tax-smart way.
- Use Coverdells to pay for private school tuition.
- Use a Roth IRA or savings bonds to save for college.
- Fund a Roth IRA for your child or grandchild.
- Use a Roth IRA to save for your first home.
- Convert from a traditional to a Roth IRA.
- Undo a Roth conversion gone bad.
- Protect your heirs with up-to-date 401(k)s & IRAs.
- Roll over an inherited 401(k).
- Help your adult children earn a credit for retirement savings.
- Deduct interest paid by mom and dad.
- Make the most of the tax-free home sale profit.
- Don't underestimate the cost of home-equity debt.
- Second homes can offer a vacation from taxes.
- Watch the calendar at your vacation home.
- Stay actively involved in rental real estate.
- Use a tax-free exchange to acquire new property.
- Use an installment sale of real estate to defer a tax bill.
- Convert a vacation home to your principal residence.
- Take advantage of tax-free rental income.
- Check the calendar before you sell.
- Keep a running tally of your tax basis.
- Mine your portfolio for tax savings.
- Tell your broker which shares to sell.
- Think twice about selling stock for a profit if you're subject to the AMT.
- Pay tax sooner rather than later on restricted stock.
- Consider tax-free bonds.
- Use Treasury bills to defer taxes.
- Include travel expenses in medical deductions.
- Crank in the value of deducting long-term-care premiums.
- Hire your children.
- Don't be afraid of home-office rules.
- Stash cash in a self-employed retirement account.
- Take Uncle Sam shopping for your new business vehicle.
To read in-depth about any of these topics, please see www.kiplinger.com for further details and resources OR give us a call! We’re happy to help you answer any questions you have!
Best,
Beaton Accounting
(631)-921-6894
www.BeatonAccounting.com