It’s Almost Tax Season! Get in the Savings Mindset.

Don’t forget about these strategies to help you save the most on your tax returns!

  • Donations: Given the high standard deduction, consider grouping your cash donations (e.g. every other year)

  • Clean out your closet, attic, and garage by donating everything!

  • Did you know gambling losses are deductible? (Only if you also have winnings)

  • Business owners: maximize the use of the Qualified Business Income deduction

  • IRA deduction or ROTH IRA deduction? You should speak to your investment adviser regarding the cost/benefits of each.

  • Educator deduction, if you are a qualified teacher

If you are filling out a Massachusetts state tax return, these deductions and credits can really work to your advantage:

  • Rent paid

  • Adoption fees

  • Tuition deduction

  • Undergraduate loan interest

  • Commuter expenses paid (EZ-Pass, Commuter Rail, MBTA Pass)

  • Gambling losses can be used up to Allowed Gambling winnings

  • Solar & Wind Credit

  • Septic Credit – if you had to replace your failed septic system

  • Low income retirees should not forget the Circuit Breaker Credit

  • Want to save even more? Come in to Terranova & Associates, LLC for a consultation. Our experienced CPAs will educate you on how to save the most and help you make decisions that are best for your financial future.

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