7 year tax tips to increase your refund
Reduce your taxable income dollar for dollars by contributing as much as possible to your 401 (k) or employer retirement plan by December 31st.
If you are 18 years of age or older, you can save up to $ 18,500 to 401 (k) and if you are over 50 you can earn an extra $ 6000. With IRA you can contribute $ 5,500, and if you are over 50, an additional $ 1000. (You have until April the deadline for making these IRA contributions.)
In addition, if you are self-employed and contribute to SEP IRA, you can enter up to 25 percent of the compensation or $ 55,000 in 2018.
sure you've taken advantage of the employer's battle for your 401[ads1] (k) plan. Better yet, make sure you've maximized how much you can contribute, "said David Desmarais, a CPA at KLR, a Boston-based accounting firm.
"If you provide a Roth 401 (k) or Roth IRA, you will not get a tax break, but your money can grow tax-free and generally be tax-free in retirement.)
