There are plenty of Americans with withheld taxes higher than what is required of them. If you are receiving a large refund, it is due time to review your withholding so you get of that money in your own paycheck.
Keep your records organized.
Make sure you have all the tax related documents prepared and organized. This simple tip can save you a lot of time and possibly help you further with minimizing your taxes.
Make contributions to your retirement accounts.
Your additional deductions can be increased by funding your retirement plan. One way to do this is to use a Traditional IRA. Your contribution becomes a deductible if you are an active participant or if your spouse is.
Sign up for a Flexible Spending Account.
According to BW James accountants, a Flexible Spending Account may be beneficial to your case, which is why it is worth considering. With this program, funds are deducted from your salary on a pretax basis. That automatically reduces your taxable income. The funds taken from your paycheck will then be refunded as soon as you present claim forms to your company's benefits department. The two kinds of FSAs worth considering include healthcare and dependent care.
Support a charity.
Making a charitable donation can also help minimize your taxes. And when you do, make sure you itemize these deductions properly so you can receive tax related benefits that is due you. Keep in mind however, that only the actual contributions are considered deductible. Check the guidelines regarding this matter for more information.
For more information about the professionals at BW James call 281-420-1040 or visit http://www.bwjames.com
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