Ten Tax Lowering Tips

Some will save you time & money when preparing your taxes returns. Other strategies will help you avoid costly penalties and interest on your Federal & State taxes. 

These tips will help you lower your blood pressure while keeping more money in your pocket!


1.) Contribute to your Individual Retirement Accounts – IRA’s

If you haven’t contributed to your retirement account for 2017 

Do so before the April 17, 2018 deadline

  • You can put away $5,500 if you are below 50 Yrs. old
  • You can put away $6,500 if you are +50 yrs. Old


2.) Maximize your pension contribution

  • Pension contributions are in pre-taxed dollars.
  • All pension assets grow tax- deferred


3.) Organize your records for Tax time

  • W-2’s and 1099’s, last year’s tax return, list of charitable contributions 
  • Use tax organizing software – it will help you to print out useful reports with a click


4.) Did you know you can use your RMD for gifts?

  • Your required minimum distribution can be given to your church, for gifts to a school or arts organization and you don’t pay the ordinary income tax on those funds.


5.) Itemize your tax deductions

  • Worth the trouble – you can save Thousands in deductions
  • Deduct mortgage interest
  • Charitable deductions
  • Miscellaneous deductions – Tax preparation, Investment Advisory fees, job hunting expenses & home office


6.) Use the Home Office Deduction

  • The eligibility rules have loosened up for the home office deductions


7.) Why not start a 529 account for college education

  • You can contribute up to $14,000 a person as a parent or grandparent


8.) File and Pay your taxes on time

  • If you can’t finish your return – you must pay your taxes by 4/17/2018
  • You can file for a 6 Mo. Extension – 10/15/ 2018


9.) File Electronically

  • IRS processes these faster than a paper return
  • You will receive your refund typically within 21 days!


10.) Decide 

  • You may need help with your investments and your return!



Written by: ||elizabeth genter, schenley president||