taxes

Tax Savings for You

Cut your tax bill before you file you return by making the right moves throughout the year.

If you managed to claim every possible tax break that you deserved when you filed your tax return this past spring, pat yourself on the back. But don’t stop there. Those tax-filing maneuvers are certainly valuable, but you may be able to rack up even bigger savings next filing season with thoughtful planning all year round. The following ideas could really pay off in the months ahead. Find out the moves to take this year that can increase your tax savings.

Tax Savings for All Taxpayers Don't wait until you file your return to find ways to lower your tax bill. These moves will help you save throughout the year.

Tax Savings for Young People By keeping track of moving expenses, using a Roth to save for your first home and timing your wedding, you can save come tax time.

Tax Savings for Single People Reduce the amount you owe to Uncle Sam by adjusting your withholding, switching to a Roth 401(k) and making IRA contributions sooner rather than later.

Tax Savings for Young Families Take advantage of your flex account, save for college in a 529 plan and hire your children to lower your tax bill.

Tax Savings for Domestic Partners Qualifying couples in California, Connecticut, the District of Columbia, Massachusetts, New Jersey, and Vermont may file joint state tax returns, but this new right comes introduces unanticipated complications.

Tax Savings for Older Families Time claiming Social Security benefits, keep careful records of medically necessary improvements to your home or car, and tote up out-of-pocket costs of doing good.

Tax Savings for Affluent Families Stash cash in a self-employed retirement account, be creative with your generosity and think twice about selling stock for a profit if you're subject to the AMT.

Tax Savings for Older Affluent Families For tax savings, convert a vacation home to your principal residence, give an IRA to charity and double your family's estate-tax break with a by-pass trust.

Tax Savings for Empty Nesters Roll over an inherited 401(k), help your children earn a credit for retirement savings — and rack up tax savings in the process.

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