{"id":770,"date":"2015-12-03T11:21:01","date_gmt":"2015-12-03T16:21:01","guid":{"rendered":"https:\/\/www.selfemployedtaxdeductionstoday.com\/?p=770"},"modified":"2015-12-03T11:21:01","modified_gmt":"2015-12-03T16:21:01","slug":"3-ways-lower-taxes-by-december-31","status":"publish","type":"post","link":"https:\/\/www.selfemployedtaxdeductionstoday.com\/3-ways-lower-taxes-by-december-31\/","title":{"rendered":"3 Easy Ways to Lower Your 2015 Taxes By December 31 (Act Now)"},"content":{"rendered":"

\"gift-1008886_640\"<\/a>I’m writing to share an easy way to give yourself a much deserved year-end \u201choliday bonus\u201d \u2013 do a little tax planning now and you just might save yourself a bundle of cash on your 2015 tax return.<\/p>\n

 <\/p>\n

Here are three strategies guaranteed to reduce your taxes this year, but you must act now if you want to reap the tax benefits before it’s too late.<\/p>\n

1. Make a contribution to your IRA.<\/strong><\/p>\n

To pay less tax on your 2015 return, you have until April 15, 2016 to make a tax-deductible contribution to your traditional IRA. Why not start thinking about that now? Or even go ahead and make the contribution before year-end and get it off your To Do List.<\/p>\n

2. Sell some investments and pay zero federal tax.<\/strong><\/p>\n

There are two ways to do this.<\/p>\n

Option #1.<\/span>
\nBelieve it or not, it is possible to sell an investment at a profit, and pay zero long-term capital gains tax. It all depends on your income level and what tax bracket you\u2019re in. TAKE NOTE: If you\u2019re in the 10% or 15% tax bracket, you\u2019ll pay zero long-term capital gains. Also: \u201cLong-term\u201d means you\u2019ve owned the investment more than one year.<\/p>\n

I know this sounds too good to be true \u2013 it\u2019s one of the most overlooked tax breaks on the books. If the time is right to sell at a profit, take advantage of this opportunity!<\/p>\n

Option #2.<\/span> The other way to avoid tax on sale of investments is to offset gains and losses in the same year. You\u2019ll need to do some number-crunching, so if you think you\u2019re a candidate for this strategy, consult with your investment adviser or accountant.<\/p>\n

3. Be charitable.<\/strong>
\nIf you itemize deductions, now\u2019s the time to prepare for any charitable contributions you\u2019d like to make by December 31. Taking a deduction for a donation to a 501(c)3 organization is a wonderful thing! You get the tax-savings, and your favorite charity, church or other non-profit group gets the benefit.<\/p>\n

Bonus Tip<\/strong> – Looking for more tax deductions?
\nTo get your copy of the free Tax-Saving Guide,
\n“Top 10 Tax Deductions for Small Business Owners & Self-Employed People,”
\nvisit https:\/\/www.selfemployedtaxdeductionstoday.com.<\/p>\n

For more tax tips<\/strong> visit (and “like”) http:\/\/www.Facebook.com\/GoodTaxPreparer.<\/p>\n

Brought to you by Wayne Davies, EA . . .
\ndedicated to helping you find more deductions and pay less tax.<\/p>\n","protected":false},"excerpt":{"rendered":"

I’m writing to share an easy way to give yourself a much deserved year-end \u201choliday bonus\u201d \u2013 do a little tax planning now and you just might save yourself a bundle of cash on your 2015 tax return.   Here … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,10,28],"tags":[40,39,42,41],"_links":{"self":[{"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/posts\/770"}],"collection":[{"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/comments?post=770"}],"version-history":[{"count":1,"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/posts\/770\/revisions"}],"predecessor-version":[{"id":772,"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/posts\/770\/revisions\/772"}],"wp:attachment":[{"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/media?parent=770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/categories?post=770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.selfemployedtaxdeductionstoday.com\/wp-json\/wp\/v2\/tags?post=770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}