February 14, 2018
It’s tax time, and here are some tips to reduce your tax burden:
- Decide whether to use the standard deductions or itemize your deductions
- If you itemize, track expenses that are deductible throughout the year.
- Take advantage of mortgage interest deductions
- Google W4 withholding calculators to determine if you need to adjust the number of deductions you are taking on your W4 form
- Boost your retirement savings and reduce your taxes
- Take advantage of employer programs for your health care flex spending and child care costs.
Your goal is to be tax neutral–not paying too much at tax time and not using your income taxes as an interest free loan to the government.
To learn more, connect with us via the Compass Catholic Blog.
September 30, 2017
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