What You Can Do To Minimize Your Tax Burden For 2015
It’s now the time of year to consider what you can do to minimize your tax burden for 2015. Following are some of the tax tips you may want to consider to reduce the amount due to Uncle Sam next April.
- Make your charitable deductions before the end of year. Â Generally, you can deduct charitable contributions up to fifty percent of your adjusted gross income. Â Get rid of those unused items and receive a tax deduction.
- Remember that you can gift up to $14,000 per year to each individual with it being exempt from any gift tax reporting requirements to the IRS (or actual gift tax if you have exhausted all of your lifetime gift tax exemption). Â If you are planning to make any large gifts, at least make a gift of $14,000 before the end of December to take advantage of this gift tax exemption.
- Go to the doctor. Â If you itemize your deductions and have enough medical expenses (10 percent of AGI for most individuals), you can deduct these expenses. Â If you need new eyeglasses, hearing aids, etc., now is the time to do it.
- Prepay. Â You