Photo Video
Creative Commons 2.0
Hide Caption

Ways to reduce your tax bill in 2014

a a a a
Share this story

There are several things you can do in the next week that will reduce your tax bill in 2014.

And you don't want to wait until News Year's Eve to start planning.

Thinking of fixing a drafty door, or putting more insulation in your attic? You may want to do it, because the government energy tax credits are due to expire on Dec. 31. (They may be reinstated in January, but Congress left for its Christmas 2013 break without renewing them).

As result, our partners at the consumer guide Angie's List says a lot of savvy shoppers are putting insulation on their Santa wish list this year. 

"We're hearing of consumers taking advantage of the credits by installing new windows, installing new doors, insulation, even heating and cooling."

Angie Hicks says you can get up to $500 for purchasing insulation, certain high efficiency water heaters, windows, doors or a central air conditioner or heat pump.

What Everyone Can Do

Angie's List has several other suggestions for reducing your tax bill in April:

-Donate to charity before Dec. 31

-Contribute to your IRA or 529 college fund by Dec. 31

CPA's expect to be very busy with all the coming changes, so the earlier you can book a professional, the better.

CPA Jennifer Harris said, "Folks should set up an appointment as soon as anything changes in their financial situation from the year before. It's never too late to educate yourself on what your situation is for that year. So, anytime during the year is the best time to schedule an appointment."

Christmas week is a great time to make some cash or clothing donations to reduce next spring's tax bill. And if you're thinking of hiring a pro, it's better to look now that to wait until February.

As always, don't waste your money.

____________________________________

Don't Waste Your Money is a registered trademark of the EW Scripps Co.

"Like" John Matarese on Facebook

Follow John on Twitter (@DWYM)

Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Print this article

Comments

Hmm... It looks like you’re not a WCPO Insider. or Subscribe now to contribute!

More DWYM
Last minute deals on Easter candy, clothing
Last minute deals on Easter candy, clothing

John Matarese has some great last minute Easter deals.

Angie's List: Doing your home warranty homework
Angie's List: Doing your home warranty homework

Don't sign up for a home warranty until you do your homework.

Secrets to avoid the soaring price of beef
Secrets to avoid the soaring price of beef

John Matarese has ways of avoiding soaring steak prices

When it's safe to shred old documents
When it's safe to shred old documents

John Matarese shows what's safe to shred, and which papers you should save forever.

Cars that can last 200,000 miles
Cars that can last 200,000 miles

John Matarese reports on cars that run for years and years.

Scammers using Netflix to steal from millions
Scammers using Netflix to steal from millions

A dangerous new phishing scam is targeting the sensitive information of millions of Netflix users.

More products shrinking for 2014
More products shrinking for 2014

John Matarese shows the latest products getting smaller at the store

Cobalt, Saturn owners anxious for repair
Cobalt, Saturn owners anxious for repair

John Matarese reports on the wait for ignition switch repairs

Swifty gas station closings mean end of an era
Swifty gas station closings mean end of an era

John Matarese reports on the end of full-service gasoline.

iPhone 6 plans leaked: Bigger, thinner
iPhone 6 plans leaked: Bigger, thinner

John Matarese has a preview of Apple's upcoming new iPhone.