The upcoming tax season is just around the corner, but you don’t have to fear it. Taxes are a dreaded topic. Although tax season can be very confusing, there are answers. There are (legal) things you can do to help make your bill smaller for the upcoming tax season.
Loosen Up That Tight Fist
You are taxed on your income (the amount of money you earn,) but there are certain expenses that count as deductions. Money and items donated to charity are deducted from the amount of income you’ll have to pay taxes on. Find a cause to get behind, and give freely!
Get It Over With
Divorce is serious and should never be used as a financial tool. If you and your spouse are certain that you want to get a divorce, do what you can to complete divorce complete before the end of 2018. Alimony is considered a tax deduction, so this can help you.
Get Rid Of A Few Kids
To take home more money at the end of the month, people claim more children than they actually have on their taxes. At the end of the year, you’ll be required to pay the amount of money you actually owe. Save yourself a headache by paying throughout the year.
Become A Business Owner
If you open a business (and can prove that you’re actually using things for the business,) you can get tax deductions for business expenses, like an extra phone line or advertising. Keep good records and consult with an expert to make sure any expenses you claim are actually valid.
Put A Bun In The Oven
A parent with the exact same circumstances as a non-parent will get money back at tax season while the non-parent owns money. Parents get more back and owe less taxes. With that being said, parenting is a really, really big deal. Do it for love rather than taxes.