16 Easy Money Tax Tips for Year-Round Savings

Tax tips only seem popular for one month a year but year-round tax planning can save you thousands!

Taking advantage of tax loopholes and credits means you don’t have to spend hours analyzing stocks, trying to get a better job or sacrificing current spending to meet your financial goals. 

Tax Tricks for Getting More from the Work You Do

1) Expenses you paid to find a job are generally deductible, but only up to 2% of your adjusted gross income. Remember to record any food or lodging expenses, agency fees, printing and postage.

2) If you’re expecting to pay more taxes for this year, consider pre-paying some of your expenses for next year. You can pre-pay professional dues, subscriptions, charitable contributions and a host of other items. 

3) There’s a whole list of deductions and credits if you’re self-employed. Even if you have a full-time job but pay taxes on a side job you work, you can qualify for a lot of the benefits. You can deduct a portion of the utilities you pay and rent for your home. 

Education Pays in Tax Planning

4) Surging costs for education are keeping a lot of people from going back to school but the Lifetime Learning Credit can help offset those costs. The credit can be taken anytime, even if you’ve been out of school for years. 

5) If you live in a state with high income taxes, you might want to consider a 529 college savings plan. It’s like a retirement plan except for education expenses. 

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