I read a great article this weekend in the New York Times, written by By TARA SIEGEL BERNARD about Income Taxes made easy. Is it true? It can’t hurt to brush up on a few pointers and ensure you get as big a refund or pay as little taxes as you can. Tax time is around the corner. Even if you have the best accountant, you want to make sure you are taking every deduction that you can. Here are a few questions to ask yourself and her.
Have you beefed up your Exclusions as much as you can? This reduce your gross income. They include: pretax contributions to your 401k or IRA or flexible spending account. If you receive interest from a municipal bond investment, that does not add to your gross income.
The next step is to include as many Above-the-Line Deductions as you can. These include: moving expenses, student loan interest and certain retirement contributions.
The full article here.