Here are a few more moves to consider so you can have more money in your pocket.
1. If you can, defer some income and accelerate expenses. Do you get an annual bonus? Can you ask that it be paid in January vs. December? If you can do that and pay next years’ property tax in advance, you can potentially save a lot on your 2016 tax bill.
2. Contribute to your kids’ (or grandkids’) 529 College Savings Plan. The funds deposited into the 529 will grow tax-free until used for higher education. If withdrawn for higher education, the withdrawals will be tax-free also.
3. Max out your gift tax allowance. You can gift $14k annually to anyone without incurring Federal Gift tax. There is no current income tax savings, but, there could be estate tax savings in the future.

Now, you can put a checkmark next to keeping some cash in your pocket and savings on your 2016 tax bill.

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