Where Can I Donate Furniture That They Will Pick Up Financial Consultant: Top 10 Tax Savings Tips

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Financial Consultant: Top 10 Tax Savings Tips

W-2 employees have tax options. Although they often feel left out of the tax loop, those who work for W-2 wages have a wide variety of options to save money at tax time. The secret to getting the best tax benefits is knowing your options and taking advantage of all the options available to you.

1. Keep all business related receipts. IF you buy something needed for your job and it is NOT reimbursed by your employer, the item may be deductible to you as a “work-related expense.” As a matter of habit, keep all documentation of work-related expenses.

2. Be aware of all deduction options. When you know what deductions you can take at the beginning of the year, you’re more likely to save money on your tax debt later in the year. Work-related travel, safety deposit boxes and more are deductible if you choose to itemize.

3. Don’t lose your tax credits. Tax credits are created for the benefit of those who have unusual expenses during the year that are not recognized by law. Using tax credits provides the benefit of cash back on your expenses when you qualify.

4. Consider tax-free investments. When investing money for retirement or educational benefits, consider a tax-free investment. The lower value of the returns can offset the reduced taxability of the investment.

5. Take the loss. Occasionally, a return on the sale of an investment at an apparent loss can result in a dramatic reduction in your tax liability, benefiting from less money spent and more money earned. Your tax advisor can guide you but will need your tax information by the end of the year.

6. Charitable donations. More than money, your charitable donations are tax deductible. If you donate clothing, furniture or other goods to a recognized charity, get a receipt and use it as a tax deduction. Mileage driven for charity is also deductible.

7. Gifts – you save money by giving. If you are retired and your children are to inherit a large sum of money, gifting them the maximum allowable amount each year is often better than maintaining a huge estate and paying estate tax. Consider gifting your children and allowing them to enjoy an inheritance early. (Your tax advisor will also have other options for saving money on retirement tax.)

8. Maximize your retirement contributions. If you are in this “other category” too young to retire, too old to have children for deductions, it is often recommended to maximize your retirement contributions. This contribution can save you money at any time and provide a viable retirement option.

9. Put the kids on the payroll. For eligible expenses, if you pay deductible expenses to your children (over 14), pay them a check and pay taxes. Make them pay

their own expenses with the money they earn.

10. Double-check your tax documents. There are many mistakes made on tax documents that could save you money if caught before you file. Even if you have a competent tax advisor/preparer doing your taxes, double check that the numbers, location of numbers and items on your tax documents are correct. Accounting mistakes can cost you money.

Having a tax preparer willing to offer information about your taxable income and deductions provides a much better service than a minimal service where you pay less but end up paying more in taxes. When considering your tax advisor’s fee, consider the additional amount you pay in taxes without quality consultation.

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