Although the year draws to a close, there is still time for maximize your refund 2013.
Here are 10 tips to save more on your taxes by 31 December:
10. Drain your flexible spending account (FSA).
If you still have money left in your FSA, do not let it go to waste. Check with your employer to verify your unused funds-date can be lost if you do not go by December 31
9. Make energy-efficient home improvements.
You can receive a federal tax credit if you make improvements to qualifying energy efficiency to your home before the end of the year. These improvements, such as installing windows and doors effective, can also reduce your energy bills.
8. Review your Alternative Minimum Tax (AMT) situation.
Use TaxACT to see if you're subject to AMT. Take an early tax deduction could cost you money if it triggers this extra tax.
7. Max your IRA contributions.
Unlike other tax benefits, you have until April 15 to the maximum contributions to traditional and Roth IRA.
contribution limit for both (as long as you or your spouse was covered for part of the year by an employer's pension plan) is the lesser of your taxable compensation (wages , commissions, self-employment income, alimony, etc.) or $ 5.500 per person for 2013 if you are under 50 years ($ 6,500 if you are 50 years or older).
The contribution limit is reduced at higher incomes.
6. Pay property taxes or mortgage payments early.
If you have not reached the maximum amount of mortgage interest for home or real estate tax deduction, pre-pay your mortgage payment January or your state or local property taxes in 2014.
5. offset capital gains.
Examine your investments to see if the compensation of capital gains with losses is appropriate in your situation. Keep in mind your tax rate on long term capital gains may be lower than the rate on short-term gains.
4. Review your medical expenses.
From this year, medical expenses must be more than 10% of your adjusted gross income (7.5% if you are 65 years or older) to take the deduction for medical expenses.
in previous years, the requirement was 7.5% for everyone. If you are close to your threshold, consider these possible deductible expenses.
3. Maximize your deductions for tuition and student loan interest.
If you have not reached the limit of deduction, Spring prepaid tuition or student loan payment in January.
2. Make a cash donation, clothing and household items.
Deputy Don TaxACT Deluxe monitors and maximizes your deductions with auditing values supported for more than 1,300 household items.
1. Log in or start your TaxACT return today
For a step by step guide through these and other tax saving tips for your maximum federal reimbursement guaranteed to go taxact.com
:. 140px; "Type =" text "name =" email "/>photo credit: marcp_dmoz via photopin cc
0 Komentar