Hey ,
As the year is coming to an end, I want to share with you some tax tips that can help you save money on your taxes. These are simple and effective ways to reduce your taxable income and increase your deductions.
- Contribute to a retirement account. If you have a 401(k), IRA, or other retirement plan, you can lower your tax bill by making contributions before December 31. The more you save for your future, the less you pay in taxes now.
- Donate to a qualified charity. You can deduct the value of your
cash or property donations to eligible charitable organizations, as long as you have a receipt or acknowledgment from them. Giving to a good cause not only makes you feel good but also reduces your taxable income.
- Pay your state and local taxes. You can deduct up to $10,000 of state and local income, sales, and property taxes paid during the year. However, this deduction is only available if you itemize deductions on
Schedule A. To take advantage of this deduction, you may want to pay any estimated taxes or property taxes due before the end of the year.
These are just some of the ways you can save money on your taxes before the year ends.
If you want to learn more about these
and other tax strategies, or if you need help with preparing your tax returns in the next tax season (which is soon), please call my office at 202-618-1297.
I am an IRS Enrolled Agent, and I would love to help you with your tax needs.
