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:
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.