Here are some tips to help lower next year’s taxes.
- David Greene
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Here are a few suggestions I can give you: (1) The standard dedction has been raised very high, so most people will benefit more by taking the standard deduction. However, itemizing will stil benefit some taxpayers so, if you decide to itemize, you can increase your medical expenses by counting travel to and from the doctor and utilizing all of your medications, including over the counter meds, etc.; (2) Charitable deductions – don’t forget to check for any donations by text on your phone, unreimbursed expensesto help a recognized charity and the miles driven in volunteering for charities (but your time is not deductible); (3) Finally, don’t forget about deductible carryovers from the previous tax year.