JACKSONVILLE, Fla. – The deadline for filing federal tax returns is April 18 this year. The federal government expects to bring in $3.3 trillion in taxes this year and, it's not enough to cover all of it's spending. The United States Treasury will come up about $750 billion short.
Joe Krier, president of Krier Wealth Management said there are some way to potentially cut your tax bill.
"Planning ahead is a big thing," Krier said. "Setting aside money, maxing out your retirement accounts and charitable contributions are all things you can do."
For individuals with IRAs, there is still time to max out the annual contribution up to $5,500. For those who own a small business, the retirement contribution can be up to $53,000. Other programs that can save on tax burdens include the earned income credit and the child tax credit.
Some filers can get free help filing their taxes.
"There is good software out there," Krier said. "The IRS has an 800 number and the software on the IRS website is pretty good, too. Its mostly for people with under $60,000 in income."
IRS Volunteers can be reached at 800-906-9987 or online at https://www.irs.gov/uac/free-file-do-your-federal-taxes-for-free.