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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29571
Experience:  Taxes, Immigration, Labor Relations
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I expect to pay more tax this year, what i can do before the

Customer Question

i expect to pay more tax this year , what i can do before the end of year to reduce those tax other than 401K/IRA or usual that people recommend. ?
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

As you already know and if you qualify - you may defect (not avoid!) some tax liability on contributions into qualified retirement accounts.
Other options will depend on your specific circumstances

- whether some of your income may be deferred or spread over several years, and,

- whether any additional deductions are available.

I would be glad to provide more detailed analysis - but would need more details about your situation.

Expert:  Lev replied 1 year ago.

Let me know if you still need any help.

Please elaborate on your situation.

Customer: replied 1 year ago.
you responded in general , can you provide specific details , let me help you by saying we don't have deferred compensation option form job then what program you talking about ? also what other specific deductions, we have 2 kids and nanny but nanny takes cash so we cant claim that.
Expert:  Lev replied 1 year ago.

I agree that my reply is general in nature, but without having detailed information about your tax situation it would not be possible to provide specific recommendations...
I may simply list some deductions and credits - see below - but each will require to verify qualifications. There is no magic.
For details - we may review IRS publication 17
https://www.irs.gov/pub/irs-pdf/p17.pdf
Let me know if you are willing to discuss your situation over the phone - that might be easier to communicate.

Credits for Individuals
Family & Dependents
Earned Income Tax Credit
Child and Dependent Care Credit
Adoption Credit
Child Tax Credit
Credit for the Elderly or Disabled
Health Care
Premium Tax Credit (Affordable Care Act)
Health Coverage Tax Credit
Income and Savings
Earned Income Tax Credit
Saver's Credit
Foreign Tax Credit
Excess Social Security and RRTA Tax Withheld
Credit for Tax on Undistributed Capital Gain
Nonrefundable Credit for Prior Year Minimum Tax
Credit to Holders of Tax Credit Bonds
Education
Lifetime Learning Credit
American Opportunity Tax Credit
Homeowners
Mortgage Interest Credit
Residential Energy Efficient Property Credit
Nonbusiness Energy Property Credit
Low-Income Housing Credit (for Owners)
Electric Vehicle Credit
Plug-in Electric Drive Motor Vehicle Credit
Plug-in Conversion Credit (Section 30B(i))
Alternative Fuel Vehicle Refueling Property Credit (Section 30C)
New Qualified Fuel Cell Motor Credit (Section 30B(b))

Deductions for Individuals
Work-Related

Deductible Business Expenses
Standard Mileage Rates
Home Office
Business Use of Car
Business Travel Expenses
Bad Debt
Business Entertainment Expense
Depreciation and Amortization
Investments
Sale of Home
Individual Retirement Arrangements (IRAs)
Capital Losses
Education
Student Loan Interest
Tuition and Fees Deduction
Work-Related Educational Expenses
Teacher's Educational Expenses
Health Care
Medical and Dental Expenses
Health Savings Account (HSA)
Itemized Deductions
Standard Deduction
Deductible Taxes
Property Tax
Real Estate Tax
Sales Tax
Charitable Contributions
Gambling Loss
Miscellaneous Expenses
Interest Expense
Home Mortgage Interest
Union/Club Expenses
Moving Expenses
Miscellaneous Deductions
Alimony Paid
Casualty, Disaster and Theft Losses