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Now that it is tax time, you are probably wondering how you can pay Uncle Sam a little bit less. Here are some helpful strategies:
• One of the best is to pay your future self – by contributing to a 401(k) or traditional IRA. By reducing your taxable income, you reduce your taxes.
• Next, while you should eliminate high-rate credit card debt, do not accelerate pay-off of your student loans or mortgage, because the interest you pay on them is tax deductible.
• Also be sure to keep charitable donation receipts and count them in with your itemized deductions.
– Kristi Maupin, Jefferson Financial Credit Union