Temporary Tax Savings are savings where you save taxes today, but must pay them at a later date. In other words, the tax is being deferred. Temporary savings can be a helpful tax strategy, but better yet, are Permanent Tax Savings that eliminate tax!

The secret, in getting the best tax benefits, lies in knowing your options and using all those available to you. A list of tax saving tips follows:

1. Keep all business related receipts. If you purchase something you need for work, and your employer does not reimburse you, that item may well be deductible as a ‘job related expense’. You should make a habit of keeping all receipts for job related expenses.

2. Beware of all deduction options. When you know what deductions you’re allowed at the start of the year, you’re more likely to save money later on your tax debt. Job related travel, safety deposit boxes, etc. are deductible if you choose to itemize them.

3. Don’t loose out on tax credits. Tax credits are meant to benefit those who have unusual, annual expenses that are not legally deductible. Using tax credits provides returned cash for your expenses when you qualify.

4. Consider Tax Free Investments. When you invest money for retirement or education benefits, this is considered a tax free investment. The lower value of returns may balance out on reduced taxability of the investment.

5. Take a loss. Occasionally, the pay off for selling an investment at an apparent loss is a dramatic reduction in your tax debt, this means that you spend less, and gain more. Your Tax Consultant will know what is needed but should have your tax information before the end of the year.

6. Charitable Donations. Any charitable donations that you make are tax deductible. If you donate clothing, furniture, or other merchandise to a recognized charity, get a receipt and use it for a deduction on your taxes. Mileage driven for charity is also deductible.

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