Best Year-End Tax Prepartion Tips From Personal Finance Community
I was about to write a post on year-end tax preparation tips, but then I saw that so many other PF bloggers had beat me to it, so I figured that instead of spewing out the same stuff as them, I would highlight some of the best tips from other bloggers.
From Bible Money Matters, he has 10 tax credits and deductions to consider:
Increase your retirement account contributions: Max out the contributions to your 401k, 403(b) or IRA to lower your taxable income. With an IRA you can contribute up to$5,000, $6,000 if you are 50 or older. For a 401k or 403(b) the contribution limit is $16,500 , or 22,000 if you’re 50 or older.
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Categories: Uncategorized Tags: 401k, Bible, Contribution Limit, Finance Community, Ira, Money Matters, Personal Finance, Retirement Account, Tax Credits, Tax Deductions, Tax Preparation, Taxable Income, Year End