3 Overlooked Ways To Slash Your Taxable Income

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With tax season around the corner, it’s time to start strategizing your taxes. Whether you worked as an employee or as self-employed, it’s important that you keep your taxes straight.

Here are 3 ways you can lower your tax bill now before the new year starts.

  • If you itemize, give to charity. This will help to reduce your taxable income. If you give a cash contribution, hold on to your canceled check or bank statement for proof of your donation.
  • Pay your property tax bill early. By doing this, you can deduct the payment you make from your taxable income.
  • Delay or defer income until 2017. If you’re expecting a year-end bonus or some other form of pay, see if there is a way to defer it until the following year.

Image via IRS.com.

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