When it comes to paying your taxes, chances are you are probably overpaying or there are options that you have not explored in order to pay less. Here are a few ways to significantly reduce your taxes.
Charitable Giving
Charitable giving is a great way to receive a significant tax deduction. This can include:
1. Using your automobile to provide services for a charitable organization
2. Donating appreciated property
3. Sponsoring a student that lives in your home (exchange student)
4. Providing food, lodging, and clothing for a disaster relief organization
Taking care of family
While child support is not deductible, alimony is. You can also see a tax deduction if you incur medical expenses of a parent for whom you provide over 50% of support.
Home improvements
Any home improvements made for medical reasons (elevators, spas, swimming pools, etc.) make you eligible for a tax deduction.
Save money on the job
Did you know you can even save money just for working? Receive tax deductions for employment agency fees, job-related moving expenses, job skill improvement classes, and even child care cost while you work and attend school.
Don’t forget your details
When going over your expenses with your accountant be sure to include all the details as they would know of where to find you tax deductions. Establishing a strong relationship with your accountant is key to achieving the lowest bill possible.
