How to Save Money on Your Taxes

Bridge Street

Chip Coughlin knows how to help people save money, and today, he offered his tips to help save money when filing your taxes and investing towards retirement.

 

He says the first way to save is by enrolling in your employer’s retirement plan if they offer one. By doing this, it lowers your taxable income, which will help you save more through the years. However, Coughlin says it is beneficial to contribute to a traditional IRA plan if your employer does not offer a retirement plan.

 

Another way that people can save is by contributing to a flexible spending account in order to lower your taxable income even further. Coughlin says to consider tax implications before you retire. He recommends that people retire within the first three months of the calendar year as opposed to the last three in order to potentially lower the tax bracket you are placed into due to unused sick and vacation days. Finally, Coughlin says to take advantage of capital loss rules with joint accounts.

 

To connect with Retirement Income Analysts, you can call them at 315.701.4440 or visit their offices at 892 East Brighton Avenue in Syracuse. You can also learn more by visiting their website at http://www.retirewithria.com.

 

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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