Lucky 7 Ways to Reduce Income Taxes

 

Tax time is here and Floyd Green CPA wants to help you with our tax services and tax tips.  We offer tax preparation services for individuals, LLCs, S Corps and 501c3 charitable organizations.  

Below, we will provide you with 7 tips to reduce your personal income taxes.
 
Healthcare Expenses.  Depending upon the amount you spend on healthcare cost and the amount of your income, your healthcare expense may result in a significant reduction in your income taxes.  Healthcare expenses include medical insurance premiums, doctor visits, etc.  
 
Work Expenses.  When you incur expense that relate to your employment and you are not reimbursed for those expenses, then you can deduct those cost on your income tax return as unreimbursed employee expenses.  For example - A regular man or woman business suit would not be deductible; however, a uniform with the company patch would be a deductible expense.  
 
IRA Contributions.  This is one of the best tax savings methods.  You basically save money retirement and get a tax break for saving.  The other positive about this tax saving mechanism is that you have until April 15, 2018 to make your IRA contribution for the year 2017.  
Educational Cost.  College tuition continues to be one of those high inflation cost.  Whether you are going back to college as an adult or paying for your children to attend college, educational tax credits and tax deductions can lower your overall educational cost.  
 
Business Expenses.  Operating a sole proprietorship or contract business out of your home, you should remember to take all your business expense deductions.  Technology cost, auto expense and meeting space are all tax deductible.  
 
Worthless Investments.  The US stock markets had a great year 2017 performance.  Even with that being the case, you could be holding a stock worth $1,000 today which you bought many years ago for $12,000.  The bad news is that you incurred a big loss, but the good news is that the $11,000 loss is tax deductible.  
 
Charitable Contributions.   Americans by nature are very generous when it comes to giving to charities.  We give to churches, schools, disaster relief programs and a wide range of other charitable, educational and religious causes.  And remember, your contributions must be to a 501c3 charitable organization to be tax deductible.  

 

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