While tax season may be seen as a dreadful financial time, we can look at the bright side by spotting opportunities to reduce our tax! But how?
Here, we’ve listed few effective ways on how you can lower your tax bill so you can save more money for yourself, your family, or your business:
Take Advantage of Retirement Account Contributions
One of the best ways to save on tax money is by paying yourself – through retirement accounts contributions that is!
It pays to be generous. Especially when it comes to tax, since IRS give deductions whenever you donate to your chosen charity.
Watch your Health
Some qualified plans can help you get a deduction of up to $6,500 ($3,300 for singles) in contributions made to Health Savings Accounts.
Make Energy Efficient Home Improvements
If you’ve had energy efficient home improvements such as solar panels or residential wind turbines, you can get a credit up to 30% of its cost with no cap.
Learn and Save
For those who paid eligible post-secondary education, you can also get credits for up to $2,500 per year for four years. Also, you may be able to get a $2,000 worth of Lifetime Learning Credit.
Pay off Debt
You can also get credits for your student loans of up to $2,500 in interest. Taking advantage of this can help lighten the burden of the debt.
Of course, those are only few of the many ways you can reduce your tax bill. The key is to know all the possible deductions and credits you can get to make your deductions a significant account. Contact us today to spot all the opportunities to reduce your tax bill for this year, and for the years to come!
Read more great tips like these on my CPA blog.
photo courtesy of stuart miles at freedigitalphotos.net
With over 37 years of experience as a Certified Public Accountant, Terry L. Kime understands the importance of financial literacy. He decided to specialize in tax preparation, financial planning, and investing after obtaining his Master’s Degree in Science of Taxation in 1986 to help people gain more power over their money.
- Accounting Services
- Accounting Tips for Small Business Owners
- Accounts Receivable
- Alpharetta GA Financial Advisor
- Business Consulting Services for Small Businesses
- buying a small business
- Cash envelope system
- Choosing tax preparer
- Christmas finances
- CPA vs. A Tax Preparation Company
- Deliquent Taxpayers
- Employee Company Benefits Consulting Services
- Employee Retention
- Employee Training
- Estate Planning
- failure to file taxes on time
- File Taxes
- Financial Management Tips for Young Adults
- Financial Planning
- holiday finances
- Holiday financial tips
- improve your credit score
- irs scams
- missed the tax deadline
- online safety tips
- organizing business expenses
- Personal CPA Services
- Personal Finance Management Alpharetta
- Request a Tax Extension
- Retirement Planning
- small business accountant
- Small Business CPA Services Alpharetta
- Small Business Succession Planning Strategies
- startup investment
- Startup Tips
- stop wage garnishment georgia
- Succession Planning
- Tax Advantages
- Tax Advisors
- tax benefits
- tax benefits self employed
- tax deadline
- tax law
- Tax Services Alpharetta
- Tax Tips
- Tips for Preparing for Retirement
- types of business structures
- ways to save for college education