Now that I’ve lost my housing tax shelter, I’m scrambling to get our finances in order:
I had my tax exemptions set to 10 yet I still always ended up with a tax refund. Have now decreased my tax exemptions so more tax will be withheld.
Maxed out our 401k retirement plans with a contribution of $16,500 each to reduce taxable income.
Maxed out our health care flex spending accounts.
Contributed $5,000 each into a Roth IRA for me and Dean. You have until April 15th to do this for the 2012 tax year. For tax year 2013, the maximum contribution will increase to $5,500.
Any other tax or finance tips?
Develop a side business to take additional deductions?
yes, michelle, that is definitely a good one!