- Evaluate your stock portfolio. The government allows up to a $3,000 capital loss per year. Anything over that amount will be carry forward to the following years.
- Charity. If you itemize your deductions on your tax return giving to charity will lower your tax bill roughly 25 cents on the dollar.
- Retirement Plans. Look to see if you are eligible for a retirement plan, either through your job or through an IRA.
- Contributions to either will help reduce your taxable income. A Roth IRA will not help with current tax savings but is tax free upon distribution.
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