. 3 Simple Tax Planning Tips to Boost Your Paycheck

By Cherese Jackson Connect with Cherese Jackson on LinkedIn: https://www.linkedin.com/in/cheresejackson/ Check out her blog: https://www.taxgirl.com You may not think about your taxes until April, but there are some simple things you can do to boost your paycheck this year. Here are three tax planning tips to help you save money on your taxes: 1. Utilize all your deductions. There are many tax deductions you can use to reduce your tax liability. These include deductions for mortgage interest, charitable contributions,child support, and medical expenses. Remember to itemize your deductions if you are itemizing your taxes. 2. Reduce your taxable income. The more money you make, the more tax you will pay. Try to reduce your taxable income by lowering your taxable income brackets,espousing a lifestyle change like retiring early, or investing in appreciated assets. 3. Invest in tax-advantaged funds. Tax-advantaged mutual funds can offer you a higher return than taxable investments without jeopardizing your tax penalty. This can help you save money on your taxes while also boosting your long-term financial security. So don’t wait until April to start planning your taxes- start planning today.