Are you looking for ways to trim your tax bill? Wendy Connick, contributing for CNN, offers up five easy tips for decreasing your tax bill:
1. Contributing to a retirement account.
2. Contributing to an HSA.
3. Pay (the right kind of) interest.
4. Pay your taxes.
5. Donate to charity.
Here at Dunston Financial Group, we regularly meet with clients who are not taking advantage of the deductions associated with these five categories. Contributing to a retirement account is an easy way to minimize taxable income. And, if you’re self-employed, you can contribute and deduct much more in retirement plans that are specifically designed for business owners and self-employed professionals.
If you have a health insurance plan that qualified as a High-Deductible Health Insurance Plan (HDHP), you can make a deductible contribution to a Health Savings Account (HSA). Funds that come out of the HSA for qualified medical expenses are tax free and, if you never use the funds, they can eventually be used for retirement.
To read more about loan interest deductions, deductions for state and local taxes, and deductions for charitable contributions, you can read more at money.cnn.com.