Join | Member Login
Arlington (VA) Chamber of Commerce | Arlington, VA 22201
  • Membership
    • Membership Benefits
    • Join Now!
    • Chamber Assisted Grand Openings
    • Chamber Member Retirement Program
    • ShopChamber
    • Advertising >
      • Website Ads
      • E-Newsletter Ads
      • Print Ads
    • Committees
    • LeadShare
    • Annual Corporate Sponsors
    • Member Login
  • Business Directory
  • Events
    • Chamber Calendar
    • Community Calendar >
      • Submit a Community Event
    • Networking Events >
      • Chamber 101
      • Breakfast Connection
      • Business After Business
    • Signature Events >
      • Arlington Business Gala
      • Hospitality Awards
      • Legislative Breakfast
      • Arlington Chamber Volunteer Day
      • AWE Women in Business Summit
      • Best Business Awards
      • State of the County & Public Safety Awards
      • Annual Meeting
    • Educational Events
    • Women in Business
    • Travel
    • Online Learning Center
    • COVID-19 Event Policy
  • Community
    • Arlington Restaurant Week
    • Small Business Accelerator
    • Early Childhood Financial Resiliency Accelerator
    • Coronavirus Resources
    • Coupons
    • Job Board
    • Scholarship Fund
    • About Arlington >
      • Business Resources
      • Map of the Area
      • Visiting Arlington
  • Business Advocacy
    • Public Policy Positions
    • Arlington Advocacy >
      • Budget & Taxes
      • Planning
      • Project Support
      • Economic Development
      • Processes
      • Retail & Signage
      • Transportation
    • Virginia Advocacy >
      • Budget & Taxes
      • Transportation
      • Economic Development
      • Other Topics
    • Recent Advocacy
  • About the Chamber
    • Board of Directors
    • Staff Directory
    • Chamber in the News
    • Strategic Plan
    • FAQs
    • Blog
    • Publications >
      • Arlingtonian Archives
      • Arlingtonian Archives
    • Press Releases
    • Contact Us
  • Membership
    • Membership Benefits
    • Join Now!
    • Chamber Assisted Grand Openings
    • Chamber Member Retirement Program
    • ShopChamber
    • Advertising >
      • Website Ads
      • E-Newsletter Ads
      • Print Ads
    • Committees
    • LeadShare
    • Annual Corporate Sponsors
    • Member Login
  • Business Directory
  • Events
    • Chamber Calendar
    • Community Calendar >
      • Submit a Community Event
    • Networking Events >
      • Chamber 101
      • Breakfast Connection
      • Business After Business
    • Signature Events >
      • Arlington Business Gala
      • Hospitality Awards
      • Legislative Breakfast
      • Arlington Chamber Volunteer Day
      • AWE Women in Business Summit
      • Best Business Awards
      • State of the County & Public Safety Awards
      • Annual Meeting
    • Educational Events
    • Women in Business
    • Travel
    • Online Learning Center
    • COVID-19 Event Policy
  • Community
    • Arlington Restaurant Week
    • Small Business Accelerator
    • Early Childhood Financial Resiliency Accelerator
    • Coronavirus Resources
    • Coupons
    • Job Board
    • Scholarship Fund
    • About Arlington >
      • Business Resources
      • Map of the Area
      • Visiting Arlington
  • Business Advocacy
    • Public Policy Positions
    • Arlington Advocacy >
      • Budget & Taxes
      • Planning
      • Project Support
      • Economic Development
      • Processes
      • Retail & Signage
      • Transportation
    • Virginia Advocacy >
      • Budget & Taxes
      • Transportation
      • Economic Development
      • Other Topics
    • Recent Advocacy
  • About the Chamber
    • Board of Directors
    • Staff Directory
    • Chamber in the News
    • Strategic Plan
    • FAQs
    • Blog
    • Publications >
      • Arlingtonian Archives
      • Arlingtonian Archives
    • Press Releases
    • Contact Us

ChAmber Blog

Is That Your Money On the Table?

3/5/2014

0 Comments

 
Picture
Jay E Reiner CPA, Managing Member, Jay E Reiner CPA PLLC

It’s tax time again, and tis the season to be thinking of ways to save money on your taxes.  In addition to maxing out on your 401K at work or making an extra mortgage payment before the end of the year, there are other ways to save on your taxes, and by not taking advantage of some (or all) of the following things, you could very well be leaving money on the table, in particular, IRS’s table. 

Spousal IRAs

You may be participating in your employer’s 401K or 403B plan (or have your own retirement plan for your biz), but did you know that you can make an IRA contribution for Mr. Mom or Ms. Dad, your non-working spouse, and potentially get a tax deduction?  The deductibility of spousal IRA contributions phases out above certain income limits, but if you’re below the limit, you could save a chunk of dough by making that contribution.  Regardless of current deductibility, the earnings on that spousal IRA will be tax deferred, which will save tax every year, compared to those same earnings in a non-retirement account.

Commuter Benefits

Does your employer offer qualified commuter benefits?  If they don’t, tell them that they’re leaving money on the table, too!  If you take mass transit to get to work, by taking advantage of employer provided commuter benefits, not only will you be reducing your income for income tax purposes, but you’ll also be reducing your income for FICA purposes (currently 7.65%).  Because your employer kicks in a FICA match out of their own pocket, having employees use the commuter benefit will save them 7.65% too, a slam dunk for all!

Flexible Spending Accounts

If you pay any qualified medical expenses (co-pays, deductibles, dental or vision not covered by insurance, etc.) this is a must do, if your employer offers it.  With the medical expense itemized deduction becoming more and more unattainable (with the former 7.5% adjusted gross income hurdle raised to 10% for many taxpayers), using the flex spending account is a way of getting at least some amount of deductible medical expense.  Whatever amount you put into the account reduces your taxable W-2 income, so if you put $1,000 into an FSA and you’re in the 25% federal tax bracket, you’ll save $250 in federal tax, even if you don’t itemize deductions!  Similarly, contributions to a dependent care flex spending account will reduce your taxable income.  Using the same tax bracket, if you have one child and put $3K into a dependent care FSA, it’ll save $750 in federal tax.  If you didn’t do the FSA, you could still get a child care credit, but that credit can drop to 20% of the expenses (depending on income levels), in which case the credit would only save you $600 in tax, for that same $3K of expenses.  So if FSAs are offered, use them.

Charitable Gifts of Securities

If you’re the charitable type, and you have stocks, mutual funds, or other securities that have appreciated in value, think about donating them to a charity.  Consider the alternative, which is selling that appreciated security to generate the cash to make the contribution.  If you do that, you’ll have to pay tax on the capital gain, which automatically leaves you less to donate.  If you donate the security rather than sell it, not only do you not have a taxable gain to pay tax on, but you’ll get a deduction equal to the fair market value of the security, so in essence you’ll be getting a deduction on the amount of gain that you would’ve paid tax on, had you sold the security.  I don’t know about you, but to me that’s a no brainer!

I can’t think of more fun ways to save money, than saving it on taxes. So have a few laughs while you take that money off IRS’s table! 

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    The mission of the Arlington Chamber of Commerce is to strengthen businesses and the economic environment for those who work, live and do business in Arlington.
    Picture
    Contribute to the blog!
    Educate the Chamber membership and Arlington business community by writing a post for our blog! To get started download the blog guidelines and blog template. For questions and more information, contact the Communications Manager.

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013

    RSS Feed

© Copyright 2023 Arlington Chamber of Commerce. All rights reserved.
2009 14th Street, North  | Suite 100 | Arlington, VA 22201 | Directions
Tel (703) 525-2400 | chamber@arlingtonchamber.org
MemberClicks
Subscribe to This Week At Your Chamber
For Email Marketing you can trust.
Home | ​Join Now | Site Map