No one likes overpaying, especially when it comes to taxes, so what can you do today to keep our tax bill down?
First, look into pre-tax accounts. Consider opening retirement or flex spending accounts that you can contribute your pre-tax dollars too.
Flex spending accounts may be offered by employers, and the money can go towards things like commuting costs.
MORE: Tax Credits vs. Tax Deductions
Second, look into earned income credit. The rules can get complicated, but if you have a job and have low to moderate income you may qualify.
This can save you anywhere between $500 and $6,000 dollars.
Third, check deductions.
Kimberly Palmer, money expert with NerdWallet said, “Child care costs for example are often tax deductible, if you have moving expenses related to a job, even if you have energy efficient upgrades in your home that’s often tax deductible.”