Save Money on Taxes

by Stacy Francis, CFP®, CDFA

Tax refunds are finally here! While I didn’t receive one myself (people in my business rarely do), many of my clients did, and many chose wisely – they decided to invest at least part of the money. In order to help you score a refund (or if you get a refund, to help you get more next year), here are a few things you may not know you can deduct.

  1. College tuition expenses. As long as you’ve kept the receipts from your payments and the school is bona fide, you can save quite a lot this way
  2. Charitable donations. This deduction is not just available for the organizations that pop up toward the end of your filing when using FreeTaxUSA, but it applies to a wide range of causes and organizations. Find one that makes your heart beat a little faster, and save yourself money while saving the whales.
  3. Car mileage and expenses. The many of you who commute to your place of employment can feel a little better about all that money you burned at the pump.
  4. Out-of-pocket medical expenses. Had to go to the emergency room, and had a fallout with your insurance company about eligibility? You are not alone, and now you can get some of your money back – hopefully easing the pain a little.
  5. In certain situations, you can deduct numerous expenses related to job hunting. So if you are sending our resumes and interviewing, don’t toss your receipts!
  6. Childcare is, thankfully, many times tax deductible.

While this list is far from complete, it should provide you with a nice starting point for paying less taxes.

Should you do your own taxes?

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Stacy Francis, CFP®, CDFA

Stacy Francis is the Founder, CEO and President of Francis Financial, Inc., a Wealth Management and Financial Planning firm. With over 18 years of experience in the financial industry, she is a CERTIFIED FINANCIAL PLANNER™ (CFP®), a Certified Divorce Financial Analyst™ (CDFA™), and a Certified Estate Planning Specialist (CES™). She is the Co-Director of the Association of Divorce Financial Planners’ (ADFP) Greater New York Metro Chapter and a member of the Women Presidents’ Organization (WPO) and an honoree member of the Private Risk Management Association (PRMA). A nationally recognized financial expert, Stacy has appeared on ABC News, CNBC, CNN, PBS Nightly Business Report, The Today Show, Good Morning America, Fine Living Network, and The O’Reilly Factor. Stacy attended the New York University Center for Finance, Law and Taxation.