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5 Quick Tips To Save Tax Before December 31st!


5 Quick Tips To Save Tax Before December 31st!

The deadline is almost here! What smart tax saving strategies will you be implementing before the year ends?

1. Realize losses on stock which are not performing well in your portfolio and that can offset any stock gains made on other stocks in the current year.

2. Maximize your 401K contributions to $18,000 if the employer plan allows. If aged 50 or older, can contribute up to $24,000.

3. Make health savings contributions (HSA) if you are eligible before December 31, 2016.

4. Take advantage of a Residential Energy Efficiency Property Tax Credit, which is worth 30% of the amount you spend on a solar energy system, solar-powered water heater, wind turbine, geothermal heat pump, or a fuel cell that generates power for your home.

5. Purchase or lease of Plug-in hybrids and electric cars benefit from a tax credit of $2500 to $7500 depending on the size of the battery in the car.