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 This material may not be published, broadcast, rewritten, or redistributed.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
Need MRI or CT scan? How to save hundreds
Need MRI or CT scan? How to save hundreds

John Matarese shows a great alternative to expensive hospital scans

Apps that can be dangerous for children
Apps that can be dangerous for children

Is it really a friend or is it a predator? Unless you are actively monitoring your child's smartphone and tablet apps, you are not…

Free Shred Day this Saturday
Free Shred Day this Saturday

John Matarese has details on a  major free shredding event

How to get rid of old electronics for cash
How to get rid of old electronics for cash

Do you have an old computer or an ancient cellphone sitting around your house? With Earth Day upon us, it’s the perfect time to do away…

Popular app turned out to be a fake
Popular app turned out to be a fake

John Matarese warns why trusting apps just because they are popular is not a great idea

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.

App of the Week
App of the Week

Check out John Matarese's latest money saving smartphone apps.

The olive oil you buy may be a ripoff
The olive oil you buy may be a ripoff

John Matarese has a caution about some supermarket olive oil

Magazines now ask you to renew constantly
Magazines now ask you to renew constantly

John Matarese has a caution for magazine subscribers

Best places to find free public Wi-Fi
Best places to find free public Wi-Fi

John Matarese lists the best places for finding free public Wi-Fi and a caution before you use the service.