Make Financial Success a New Year's Resolution
TaxRevo wants to make sure that you are well prepared for financial success. As we reflect on the closing year, we should start thinking of ways to be more effective in 2017.
Save even more for retirement. Beef up your contributions to your retirement account and you can significantly improve your financial future. A few more dollars saved now can reap a very comfortable retirement down the road.
If possible, take advantage of a health savings account. Contribute money to a health savings account from those high deductible health insurance plans. They often offer tax benefits to encourage people to save for health necessities.
Selling your house? Be wise. Do your research about the home sale exclusion if you’re planning on selling your house. If you meet the criteria, you can shelter up to $250,000 ($500,000 if married and filing jointly) of your gain on the sale of a primary residence from tax. You could save tens of thousands of dollars in potential taxes.
Combine business and pleasure. Got a business trip coming up? Add a personal vacation to it. If hotel and airfare costs are not reimbursed by your employer, and half of your time is spent doing business, you may be able to deduct half of the costs.