9 Ways to Lower Your Tax Bill

Taxes can be a nuisance—and many people would prefer to pay as little tax as possible.

Choosing the Right Filing Status

In many cases, a married couple will come out ahead by filing jointly. Typically, this will give them a lower tax rate.

Maxing Out Your Retirement Account

Even if you don’t have access to a retirement plan at work, you may still be able to open and contribute to an IRA.

Health care expenses are typically only deductible once they exceed 7.5% of your AGI (and only for those who itemize their deductions).

Adding up Your Health Care Costs

Saving for Private  School and College

If you have children who may attend college in the future, or who attend or will attend private school, it can pay off to open a 529 savings plan.

Putting Estimated Tax Payments on Your Calendar

The deadlines for quarterly estimated taxes are typically in mid-April, mid-July, mid-September and mid-January.

Saving Your  Donation Receipts

So it’s a good idea to always get a receipt whenever you give, whether it’s cash, clothing and household items, or your old car.

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