Looking to take on your taxes and come out on top? There are three easy ways or steps you can do to take to lower your 2008 taxes.
* Open an IRA before April 15 – so you can deduct it from your 2008 taxes. For example putting $2,000 into an IRA in March can save up to $800 in taxes.
* Make sure you take advantage of all your deductions – such as student loan interest, brokerage accounts, IRA annual fees and charity donations. Plus work related expenses (such as car maintenance, moving, education and subscriptions to publications) are deductions that people often to forget.
* Take advantage of losses – from the past year. If you sold stock last year at a loss (which is likely), you can record up to $3,000 of your loss as deduction.