Here are some more tax saving ideas:
More Tax Saving Ideas
- Invest in a Roth IRA. if you qualify,
non-deductible contributions are limited to $5,000 per year, $6,000 if over 50 years old. Income phase out limits apply. If
funds invested for five years are not withdrawn before age 59 1/2
withdrawal is totally tax-free. Further, there is no required
withdrawal at age 70 1/2.
- Roll your (old) IRA into a new Roth IRA.
This makes you old IRA taxable.
- Clean out your attic, garage or basement
and donate usable items to charitable organizations. Fair
market value of the individual items are deducible and cumulatively
can be a significant amount. Receipt validates deduction.
Be sure to discuss these planning
tax saving ideas with you tax professional. Donahue and Associates would be pleased to provide further information on any of the items
discussed by simply contacting us.
We invite you to also check out
more overlooked tax deductions and tax tips for business
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