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A Few Tips for Lowering Your Tax Bill This Year
I hate paying taxes, and can be something of an ideological nut job when it comes to avoiding them.
In my younger days, before my wife dragged me kicking and screaming into normal, civilized behavior, I was known to subsist on rice and beans for a month or two at a time.
Back then, I did just about everything I could in order to free up cash to max out my 401(k) plan, Roth IRA, HSA plan and any other tax-free savings vehicle I could get my hands on.
Yes, it was Spartan. But it saved me a ton in taxes over the years, and I’m still enjoying those benefits years later.
Don’t worry, I’m not going to recommend you go to my ridiculous lengths. My pathological need to lower my tax bill is probably unhealthy, but with the tax return deadline coming up on Monday, I figure a little advice on prioritizing is in order.
It might be too late to put any of this into practice for your 2015 return. But you can absolutely make a dent in your 2016 tax bill. So, with no more ado, here are a few tips for lowering your tax bill this year.
It starts with the 401(k). Before you invest a single red cent in anything else, you should come as close as you reasonably can to
