Investments, Saving Money, Taxes

Reduce Your Taxable Income (Part B)

Sally
Sally says….

It’s October, just a few months from the end of the year and typically not a bad time to think about reviewing your portfolio.

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The Dow Jones is near a record all time high,so you probably have a lot of winners in the old portfolio!

“Winning” as Charlie Sheehan would say.

Continue reading “Reduce Your Taxable Income (Part B)”

Investments, Saving Money, Taxes

Reduce your taxable income (Part A)

Sally Says..
Sally Says…

What?!?    Reduce my income?

Why not just cut back on my treats too!

The idea is to reduce your taxable income thereby reducing your personal income taxes.

Here are three simple ways to use your employer provided benefits to do so.

Flexible Spending Account

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Use your employer provide FSA! It can be funded with voluntary employee pretax dollars to pay for unreimbursed medical, dental and child care expenses. If you’re lucky your employer may kick something in as well. FSA’s are used to pay for deductibles, co-payments, prescriptions, etc..

Keep in mind FSA’s are a “Use it or Lose it”, meaning you have until the end of the year to spend the money in your FSA or forfeit it . Yikes! (Some plans provide a 2.5 month grace period after the end of the year)

So plan conservatively at the beginning when contributing to your FSA. ( We will discuss Health Savings Accounts in future posts 🙂

Continue reading “Reduce your taxable income (Part A)”