Over at the Retirement Planning site at About.com, I just posted an article about the best kind of tax deductions: those that come from saving.
Think about it. Most tax deductions require you to spend money in order to obtain the deduction. In my practice, the most common and largest deductions are:
- state and local income taxes
- mortgage interest
- business expenses (especially for the self-employed)
But the best–if not the biggest–deductions are those that reduce your taxes but don’t require you to spend any money. In fact, they require you to save some money.
I’m talking about IRA and 401(k) contributions of course. Learn more about saving for retirement and saving on your taxes at the same time.
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