OvernightDo you know that taxes are the largest household expense of most working Americans? According to the Tax Foundation, Americans collectively spend more on taxes each year than they spend on food, clothing, and housing combined! Taxes are so high, in fact, that the average American had to work until April 24 last year, 114 days, just to pay their share of federal, state and local taxes. There’s still time! Every $1,000 in additional deductions or reductions in taxable income can save up to $390 in federal tax! In many cases, you may even save on state tax as well. Reduce the number of days you worked to pay the government instead of yourself with this Tax Tip video. In this brief video you will learn six last-minute actions you can take to this year’s tax bill:
- Maximizing Retirement Contributions
- Last Minute Charitable Contributions
- Taking Advantage of Investment Losses
- Deferring Income
- Making 529 Plan Contributions to Dependents
- Using Up Flexible Spending Account Contributions
All courses and articles are for informational purposes only and do not constitute tax advice. Taxes are complicated - do not act on course information without consulting a professional. Always refer to treasury regulation before making any tax decision. Read the full disclaimer.