With tax season around the corner, it’s time to start strategizing your taxes. Whether you worked as an employee or as self-employed, it’s important that you keep your taxes straight.
Here are 3 ways you can lower your tax bill now before the new year starts.
- If you itemize, give to charity. This will help to reduce your taxable income. If you give a cash contribution, hold on to your canceled check or bank statement for proof of your donation.
- Pay your property tax bill early. By doing this, you can deduct the payment you make from your taxable income.
- Delay or defer income until 2017. If you’re expecting a year-end bonus or some other form of pay, see if there is a way to defer it until the following year.