How to save money this tax season
By Angelica Carrillo, Multimedia Journalist
TUCSON, AZ (Tucson News Now) – Billions of dollars will go back into Americans’ pockets this tax season.
But as the deadline to file inches closer, tax experts are urging people to do their research to ensure they get the most on their returns.
Alan Kifer, a Certified Tax Specialist and managing director of Top Gun Financial Planning, said the earlier someone files, the better.
”It shouldn’t be the cost of your tax return preparation, it should be, who do you trust is going to maximize your tax deductions so you pay the least in taxes,” he said.
TOP 3 TAX TIPS
1. Do your research
Investigate what your potential is for itemizing. Expenses for your job or a trip to the doctor can all be tax deductible.
Property taxes, interest on mortgage, insurance premiums on mortgage are all tax deductible.
2. Maximize your contributions
It’s not too late to pay yourself more for retirement.
Contribute the maximum IRAs, 401Ks, or any other tax deferred retirement accounts.
You can list those contributions under “adjustments to income” on your tax forms. That will lower your taxable income.
Donations to charity, schools and churches can still be made and count on this year’s return
3. Figure out how you’ll prepare your taxes
Will you do it yourself or pay someone to do it for you?
Kifer said one of the biggest mistakes people make is assuming something isn’t tax deductible or just wanting to rush through and not taking the time to save more money.