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All Posts, Finances & Retirement

Tax Strategy for the Homeless

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?

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04.11.13

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Comments

  1. Michelle

    April 16, 2013 at 1:06 am

    Develop a side business to take additional deductions?

    Reply
    • Catherine

      April 16, 2013 at 9:37 pm

      yes, michelle, that is definitely a good one!

      Reply

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Welcome to my site, derived from an advice column I wrote while getting my MBA. I live in the San Francisco Bay Area. I give helpful, opinionated advice based on my own experience and from the expertise of my extensive network. For more, click here.

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