How many times have you read articles about saving money on your taxes at the last minute? Are you bored out of your mind by repeatedly reading about the same things?
Well, as it happens, the same things tend to work and make sense for saving money all year. Are there any new ideas I can give you? Let’s see, shall we?
The usual ideas for saving money
Here are the same old—yet still valuable—personal tips for saving money:
And here are the same old business tips for saving money:
Some slightly new ideas for saving money
Bonus tip for seniors
Folks age 70 ½ or older may have up to $100,000 in distributions from an IRA account donated directly to charity. You won’t get a charitable contribution deduction, but you also won’t pay any taxes. Instead, these distributions satisfy your annual required minimum distribution (RMD). You may have taken advantage of this in January, to use towards your 2010 RMD. You get to do it again, now, for 2011.
If you’re tithing, or making substantial monetary contributions, this may be a good way to make donations. Another advantage is that you won’t be adding your RMD to your income. So, perhaps less of your Social Security income will be taxable this year.
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Eva Rosenberg, EA is the publisher of TaxMama.com , where your tax questions are answered. Eva is the author of several books and ebooks, including the new edition of Small Business Taxes Made Easy. Eva teaches a tax pro course at IRSExams.com and tax courses you might enjoy at http://www.cpelink.com/teamtaxmama.
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