April 15th is right around the corner and many of you are knee deep in finishing tax returns.
Last week I highlighted why you shouldn’t be happy if you’re getting a tax refund…but what if you’re in the opposite position and actually owe money to the IRS?
Don’t forget you can still reduce taxes you owe from last year!
How Do I Reduce The Taxes I Owe?
Many tax-advantaged accounts will still let you make contributions for last year. The most common is an IRA - an Individual Retirement Account. The dollars you put in can reduce your taxable income for 2016 and lower what you owe.
This solution won’t work for everyone, but there are a number of good ways you can still lower your tax bill for last year.
Pause before you write that check!
The IRS already takes their fair share, make sure you’ve explored every available option to keep your dollars working for you.
If you want advice from our team, we would be happy to help you be confident you don't overpay if you don't have to.