Tax Tips with Pete the Planner

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

INDIANAPOLIS, Ind.- Ready or not, tax season is once again upon us.

Overlooking common deductions can cost you big time in the long run.

Here at the three of the deductions people often forget about:

  • Out of pocket charity contributions
  • Interest paid on your student loans by your parents
  • Childcare tax credit

“Between those three you could conceivably save thousands on your taxes,” said Peter Dunn, a local financial expert.

It’s also important to remember it’s not too late to save money on your 2017 taxes.

Up until April 15, 2018 you can make a tax-deductible contribution to your IRA.

And finally, if you’re lucky enough to get a tax refund this year—spend it responsibly!

Here are three tips to make the most out of your tax refund:

  • Create an emergency savings account
  • Pay off debt
  • Treat yourself!

If you do “treat yourself,” Pete the Planner says be careful on how you do this.

“Don’t create a new obligation. Don’t go buy a car, because then you have a payment month after month. Do an experience,” said Dunn.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.