How to save money on next year’s taxes

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.


Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.