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6 Ways To Reduce Your Income Taxes
1. Fully fund your retirement plan. Contributing to a 401k plan, pension plan or IRA reduces your taxes in the year of contribution. 2. Dump off stocks that are poor performers and don't fit your overall portfolio plans. You'll get the tax benefit and you can re-deploy the proceeds in more appropriate investments, which may in turn, lead to even greater tax savings in future years. 3. Take out a residential mortgage. If you are a renter, one of the last remaining major tax deductions for non-business owners is the personal residence mortgage interest. Pay close attention to your increased tax deductions though. If it's a small mortgage, it may not save you a lot more than the standard deduction. If it does, and you are going to be entitled to a big refund, consider increasing the number of exemptions you claim at work, so you aren't giving the government an interest-free loan until well into the following year. Your tax professional can help you make the appropriate calculations. 4. If you have substantial equity in your home, and good credit, get a second mortgage. This is fully deductible on your Schedule A Itemized deductions. You can also use proceeds from a second mortgage to pay off other loans which may not be deductible, thereby reducing your tax liability while at the same time, in most cases, lowering your payments. 5. If your kid is going to college, don't forget to deduct the tuition. Even if you are the one in college, those fees are also deductible. 6. Look at the possibility of replacing aging appliances in your home that will not only save a great deal of energy, be good for the environment, and improve your standard of living, but also qualify you to receive some generous tax benefits and rebates from the capacity-strapped utility companies. |
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