I am pretty tax adverse and I don’t like paying any more than I am required to. I try to make sure I have taken every deduction possible while still paying my fair share of income tax. Here are a few items for you to look at to see if you can reduce your tax bill:
Investment management fees:
My clients pay me a fee to manage their assets and in some cases, the fee is deductible. If you pay investment management fees that exceed 2% of your adjusted gross income, you can deduct them.
This one is a bit tricky. You had to buy before 12/15/17 to still deduct mortgage interest up to 1 million and/or home equity loan interest. If you signed your mortgage note after that date, you will limited to $750,000 and home equity interest limited to improvements for the home purchased only.
Are you taking care of an Elderly family member?
Many of us now have primary responsibility for a parent to the extent that we are responsibly for more than 50% of their care and wellbeing. If this situation applies, you’re allowed to claim your parent as a dependent and take the corresponding deduction.
Read the 2017 tax code carefully to make sure you don’t leave anything on the table.