10 Top Tax  Saving Tips

 

  1. Maximize your 401k contributions.  Most employers match at least a portion and that match is an instant gain.

  2. Convert non deductible interest expenses such as interest on car loans and credit cards into deductible home mortgage debt. 

  3. Use a Roth or traditional IRA to put away money for your child's education.

  4. Donate stock instead of cash to your favorite charity.

  5. Deduct the loan interest on your RV, Camper, or even your boat as mortgage interest on a second residence.

  6. Time your divorce before the year ends, to avoid the marriage penalty of joint return.

  7. Invest in growth stocks and growth mutual funds. The fewer times you sell and reinvest the more money you keep.

  8. If you start a business an LLC may be the right choice of limited liability and partnership taxation.

  9. Bunch you medical expenses to reach deductible thresholds. Include dentist, optometry, braces, & massage therapy.

  10. Have your employer reduce your wage to move all of your health premium costs to before tax money.



    For more detail contact Group Health Plans of La.   1 888 456 1858