Tax Tips with Pete The Planner


CHICAGO – NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal Revenue Service November 1, 2005 in Chicago, Illinois. A presidential panel today recommended a complete overhaul of virtually every tax law for individuals and businesses. (Photo Illustration by Scott Olson/Getty Images)

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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 decide to “treat yourself,” Pete the Planner says be careful 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.

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