Investopedia has a great short article on 7 tax savings tips for 2011. While I typically spend my time on this site discussing how to increase your income by buying good stocks and understanding how to invest your money, paying attention to your tax bill is very important.
I won’t recreate their entire list but instead will give you the highlights here and you can jump over to Investopedia if you are interested.
- Convert a regular IRA to a Roth IRA this year.
- Higher Standard Deductions
- No limit on Itemized or Standard Deductions
- Larger Earned Income Credit
- Bigger Credit for College Expenses
- Tax-Free Employer-Paid Parking and Transit Costs
- Health Insurance Deduction for the Self-Employed