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Ways to Reduce Your Taxes this Year

Posted by Admin PhillyLiving on Tuesday, March 13th, 2018 at 12:45pm.


We've all found ourselves waiting until the last minute to file our taxes, this year, however, make the most of the delay with these great tips on saving this year:

  • Contribute to an IRA: You might be able to deduct what you've contributed to a traditional IRA however how much you can deduct depends on whether you or your spouse is covered by retirement plans through your employers as well as your annual income. You'll have to look into this soon as April is your deadline!
  • Save for College: Saving for your little one's college can help save you some green this tax season. One option, which tends to be the most popular, is the 529 plan, savings account through the state or educational institution. Be mindful however that the possibility that you may be charged with gift-tax should your contributions to any one beneficiary exceed $14,000 in 2017.
  • Fund Your FSA: If your company offers FSA, flexible spending account, be sure you take advantage of this to lower your tax bill. The IRS allows you funnel tax-free $$ directly from your paychecks into your FSA every year. The max amount was $2,600 in 2017 and while you need to use this money toward medical can put it toward related items such as band-aids, thermometers, breast pumps, etc. Before going wild in the pharmacy section, double check with your employer, some allow you to carry over up to $500 to the following year. 
  • Give It Away: Charitable contributions throughout the year, or over the next week, can be written off to allow for tax deductions when filing. If you're donating goods, be sure to get a tax write off form and make note of all the items which you've donated. 
  • Take Advantage of Your Children: They take advantage of you most times, so make the most of them this time of year. The tax code offers plenty of benefits to parents including credit toward your child care expenses, a child tax credit (up to 17 years of age) and of course, the ability to claim them as your dependents.
  • Track Medical Expenses: Several health-related costs are tax deductible
Don't forget to file on or before April 17th this year (since the 15th fall on the weekend) and please note, these are tips and suggestions on how to save - if you would like the help of a certified accountant, please reach out to us and we'd be happy to put you in touch!
*These are suggestions & ideas and by no means guaranteed deductions or savings in your annual income taxes due on or before April 17th*

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