How to save money on next year’s taxes

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Financial expert Rachel Langlois with Cyprus Credit Union shares her tips for preparing for next year's taxes.

What to do this year to save next year: 

• Refinance your home: Interest payments are a tax deductible.
• Max out your IRA investments: When contributing to IRA investments it deducts invested income. If you're under 50 you can contribute up to $5,500 and if you're over 50 you can contribute up to $6,500 per year.
• Track all charitable donations (spring cleaning) and mileage: Keep track of all things donated throughout the year and keep a notepad in your car tracking mileage when donating.

If you have a hard time paying for taxes when the time comes consider the following:

  • Set up a separate savings account and each month have money automatically moved into it.
  • Consider rearranging deductions with your employer.

For more tips and information, click here.

 

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