Consumer 6: Start planning to save on taxes now
Monday, September 25th 2000, 12:00 am
By: News On 6
Are you ready to outwit the tax man? There are only a few months left in the year 2000, and now is the time to start planning for your next tax return. There are some things you can do now, to help reduce your tax bill. No one likes to pay extra cash to Uncle Sam. Planning can help cut those costs come April 15th. Now is a good time to make last minute changes. "Go through and do a projected tax return,â€ said tax consultant Terry Cumbey. â€œSee where youâ€™re going to end up April 15th. Are you going to get a refund? Run the numbers,â€ she continued. â€œYou're going to owe $2,000? You may want to change your withholdings now, so you don't have that problem."
Here are some other things to consider to help reduce your tax load.
1. Make charitable contributions.
2. if you meet the income requirements, you can deposit money in an Individual Retirement Account or I-R-A.
3. Maximize your 401(k) deduction. You'll be paying yourself instead of the government.
4. If you're enrolled in a flexible spending account to cover medical expenses, make sure you turn in all receipts and schedule any appointments, so you can get your money back.
5. Have questions about deductions? Check with an accountant. It could pay off.
If you have questions, comments or suggestions for Consumer 6, call our tip line at (918) 732-6111 or send an e-mail to Dwhite@kotv.com.