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Seven Great Tax
Saving Tips For Next Year
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Taxes are not anyone’s favorite topic or activity, so the procrastination
factor when preparing them tends to be high. But the good news is that
there are some things you can do now that will help you prepare for
next years taxes. Here are seven great tax saving tips so that you can
keep more of your hard earned dough!
1. Prepay your January 1st mortgage payment. If you mail out your mortgage
check on December 31st, the interest deduction for that month will be
good for the current year. This holds true even if the check doesn’t
get cashed until after the new year.
2. Last minute expenses and donations. Under that same philosophy, consider
putting any last-minute charitable donations on your credit card (for
those that will allow it) by December 31st.
3. Defer income. This works with investments as well as earned income.
If you get an end of the year bonus, request that it come in January
rather than in December. If you are self employed, you can do all your
billing at the end of the month so that the payments will come in after
the first of the year. In regards to investments, some will allow you
to postpone paying taxes until a later year even if the income is earned
this year.
4. Look for every available credit and deduction. This tax saving tip
seems obvious, but people miss deductions and credits that apply to
them all the time. A credit is a dollar-for-dollar reduction in any
amount you might owe, so the effects of having one or two of them on
your return can be dramatic.
5. Donate your old clothes and furniture to charity. Cleaning out the
attic, the closets, that spare room, and the garage is not only purifying
but will help to decrease your taxes. Put everything together and then
take the load to your favorite charity or charities. Make sure to get
a receipt for your records. The wholesale fair market value of the items
you donated is allowed as a charitable deduction.
6. Put your kids on the payroll. If you have kids, and they are over
fourteen, you can have them do some work for you around the house and
pay them on a part time basis. That will allow you to shift some of
your income that would be taxed at a higher tax bracket to their lower
tax bracket. However there is one warning; watch their earnings because
they will be considered when they get ready to go to college and their
financial aide could be affected.
7. Invest in your children’s names. Your kids can each earn up to $700
in investment income without paying any taxes if they are over fourteen.
As painful as taxes and any related thoughts of them can be, by following
these great tax saving tips, you will save money this year—and the next.
One final tip; don’t procrastinate until the last minute! Preparing
for your taxes year round will force you to keep your eyes open for
saving possibilities, and will likely reduce your tax bill even more!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
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