Compass Catholic

Compass Catholic header image 1
September 30, 2017  

How to save money on your taxes

00:0000:00

In Mark 12:17, Jesus said to pay to Caesar what belongs to Caesar, but if Caesar creates rules that allow you to lower your taxes . . . then take advantage of those opportunities! Here are some tax saving ideas.

  • Adjust the number of dependents claimed on your W4 form so you are tax neutral.
  • Boost your retirement savings and reduce your taxes by contributing to a qualified retirement plan.
  • Take advantage of a health spending account and a child-care reimbursement account if your employer offers them.
  • A child born, or adopted, is a blessed event for your tax return. An added dependency exemption will knock $4,050 off your taxable income.

Saving money on your taxes isn’t just an April 15th tax-day exercise. Monitor your income and expenses to save on your taxes all year long.

Read Evelyn's Blog: Tax Saving Ideas