Raising children can be expensive and it’s not getting any cheaper. One excellent place to start keeping more money for your family is to pay less in taxes. There are several ways to reduce your tax bill for the next year—and the earlier you start, the more money you will save.
Take Advantage and Learn about Every Tax Break for This Year
The IRS does not release information on how they will tax next year until the end of the year. You can learn about more tax breaks by carefully reading the IRS booklets for last year’s taxes, or talking to an accountant or taxman to see how to save more money. You may have overlooked some excellent avenues to save more money.Keep Good Records of Your Spending
Having good records of where your money goes will help you fill out your tax forms easier and get more tax breaks. Divide your records into various categories such as education, investments, business, office, gas, business meals, gifts, etc., and record them.Be sure to keep receipts for taxable items because the IRS may want to see your records and receipts one day—if they should ever audit you. Remember that the better and more accurate your records are, the more easily you can use them for various deductions.
