16 Tax Tips for Individuals

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16 Tax Tips for Individuals

16 Tax Tips for Individuals

  • Review your deductions toward the end of each year
  • Be tax-wise if you borrow money
  • If you are saving for a child’s education do so in a tax-advantaged way
  • Maximize your use of education tax credits and deductions / Books are now deductible
  • Don’t forget about your mortgage points deduction
  • Check your exposure to the alternative minimum tax (AMT)
  • Maximize dependency deductions
  • Don’t increase your tax bill with penalty charges
  • Find our what requirements you must meet to sell your home tax free
  • Consider tax-exempt investments as a means of cutting your income tax
  • Take advantage of lower capital gains rates
  • Look into tax deferred exchanges (1031′s)
  • Give appreciated property to charity rather than cash
  • Review tax credits  which  may apply to you
  • Make maximum contributions to tax deductible retirement accounts
  • Consider a Roth IRA if you qualify for one

Please contact our office with any questions

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