Year-End Tips To Save Money On Taxes

It’s hard to believe that 2017 tax season is almost upon us! Jiseki is working hard to help you keep as much of your hard earned cash as possible. We’d like to give you a few tips on things that you can still do this year to help you on your tax bill next year.

  1. Maximize retirement contributions – if your employer offers a 401(k) plan try to maximize your contributions for 2017, you only have until December 31to contribute up to $18,000. At the very least make sure you’re taking advantage of any matching your employer provides as that’s literally free money for your retirement. If you’re contributing to an IRA you have until April 15, 2018 to complete any contributions – you can even use your refund to save for your retirement!

  2. Adjust your withholding – check how much you’ve already given the IRS and if you’re expecting a large refund consider increasing your exemptions. The IRS is holding on any refunds involving EITC until February 15 so keep your money in your hands by adjusting withholding if needed.

  3. Donate unwanted items – get a tax deduction for donating goods you don’t want. Make someone else’s day and have the IRS reward you for it.

In the next week we’ll have another post about how to prepare yourself even better for the taxman. In the meantime, let us know if there are any questions that you’d like advice on!