It's not too early to start planning for 2017's taxes. Here are five things you could do to lower your tax bill and boost your refund. - From The Motley Fool
However, smart tax planning is a year-round activity -- not just something you do when you prepare your return.
The best part of all is that the moving expenses deduction is an "above-the-line" deduction, which means that you can take it whether or not you itemize deductions on your tax return.
This is the big one -- if you have a $300,000 mortgage at 4% interest, this deduction can be well over $10,000 per year for the first few years of your mortgage.
Mortgage insurance: If you have to pay mortgage insurance, which typically happens if you put less than 20% down on your home, this may be tax-deductible as well, subject to income limitations.
If you contribute to a tax-deferred type of retirement account, such as a traditional IRA or through a 401(k), 403(b), or 457 plan, your contributions may be tax deductible.