Reducing Taxes if your W-2 employee
Some of our customers have seen reduced their income tax by 2/3.
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I live in virginia and our state allows transferable state tax credits. I am purchasing them from a CPA whose client is selling them. Basically I can buy 18000 in state tax credits for 14900 dollars. That is a dollar for dollar reduction in you tax liability, on the state tax. Check with your CPA and see if your state offers this. The credits I bought were for Virginia Land preservation. I need help with my tax return http://yourbooksontime.com/help-with-my-tax-return
Also if you are married have you wife max her plan out also.
If you have kids you can do a 529 plan and my state, VA, gives you a state tax deduction. We actually opened 4 529 plans for my two youngest children. you get a decuction of 2k per child, per SS# donor. So 8k invested saved me about 600 dollars on state taxes. again, check to see if your state offers this.
Business miles is always a good deduction.
Any other ideas let me know because I am getting killed with taxes from my upfront bonus. I guess things could be worse.
as question decided?