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Catch 10 top tax return breaks

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in Centerpiece,Small Business Tax Deduction Strategies

taxesNo matter how hard you try, it’s easy for tax savings to fall through the cracks when you file your tax return.

Strategy: Inspect and detect. Go over your 2015 return carefully and identify tax-saving opportunities.

Here are 10 ways you may be able to cut taxes this year.  

1.  Boost retirement accounts. If you’re self-employed, you essentially have to dig into your own pocket to fund a retirement plan, but it’s usually well worth it. For instance, if you have a Sim­­pli­­fied Pension Plan (SEP), you can contribute and deduct up to the lesser of: (1) 25% of salary compensation or 20% of net self-employment income or (2) $53,000 for 2015. If you are self-employed, the contribution is claimed “above the line,” so it lowers your adjusted gross income (AGI) for other purposes.

Tip: The deadline for SEP contributions is the tax return due date plus extensions.

2.  Contribute to an IRA. If you (or spouse, if married) don’t have an...(register to read more)

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