Despite the hullabaloo about tax deductions and increases, nothing has much changed for the average women. So, what should a financially smart woman do? Get information about all the tax breaks and take advantage of them as much she can. Read along to know how women can save money on taxes and relax.
So, what is a possible solution? Well, one easy solution to the problem is to build a solid nest-egg. The IRS helps you build your retirement stash slowly but steadily. Every year, the deductible amount for the retirement saving accounts is raised due to inflation. In addition to that, there are some catch-up contributions for the people over 50 years.
Do you have your own business? If yes, then you can ask your kids to help in your business. Give them a paycheck and deduct your payments to them. You may also ask your kids to start saving money. All you need to do is set up an IRA account for $4000 every year or upto an amount earned by them.
Did you take a flight to relocate? If yes, then you can even deduct the airfare and lodging expenditures.
3 Tips to avoid getting stressed during the tax season
Are you going through a major life change such as divorce or switching jobs? If yes, you need to identify the tax consequences first. If you're not sure about the consequences, consult an accountant soon.