Perfectly legal tax savings strategies Americans may not be using

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With tax Opens a New Window. season officially underway, most Americans are likely searching for the most efficient ways to lower their annual tax liabilities Opens a New Window. .

Turns out, many taxpayers probably aren’t employing all of the strategies they could be in order to reap the greatest benefit.

According to a new study from NerdWallet Opens a New Window. – which polled more than 2,000 people –  there are a number of viable tax strategies that a significant portion of Americans believe are not legal.

Here’s a look at some of the above-board strategies taxpayers may not be aware they can legally employ:

Mortgage payments

Twenty-six percent of respondents thought making an extra mortgage payment in order to take a bigger deduction during the current tax year was illegal.

You can make your January payment, for example, in December in order to count the interest toward the current year’s…

For the rest of the article, please visit https://www.foxbusiness.com/personal-finance/perfectly-legal-tax-strategies-americans-may-not-be-using.

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Last modified: March 8, 2019

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