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.