Seasoned retirement and financial strategist, Mark Kinney, discusses steps people can take to increase their income tax return or decrease the taxes owed.

Lee, Massachusetts—December 30, 2016—Founding partner of Toole, Kinney & Company, Inc., Mark Kinney, CFP®, published a new article entitled, “Lower Your Tax Burden by Maximizing Your 2016 Deductions.” In the article, he discusses how tax credits and tax deductions can work together to lower your tax burden.

Mark writes, “With 2017 right around the corner, now is a good time to review all the ways you can reduce your taxes for this year. Boosting your deductions can either increase your refund or decrease the amount of tax you have to pay the IRS. Either way, it’s a win-win situation for you.”

“A good place to start for your deductions is to decide whether it would be more advantageous for you to itemize deductions, or take the standard tax deduction. Of course, you always want to choose the greater amount, but it’s not always easy determining deduction amounts. You have to be committed and organized to itemize your deductions by keeping track of receipts, business-related mileage, property taxes, and charitable donations, just to name a few. The standard deduction is much easier to calculate since you only have to plug in information on age, income, and filing status.”

“Keep in mind, a big refund from the IRS means you gave the government an interest-free loan during the year. It’s important to re-visit your withholding on your W-4. Should you receive or pay a large amount of taxes in a year, consider adjusting your allowances and withholding accordingly, especially if you’ve had a significant change in your life, like a new job or the birth of a child.”

The entire article can be found at: http://www.toolekinney.com/lower-your-tax-burden-by-maximizing-your-2016-deductions/

About Mark Kinney

Mark D. Kinney, CFP®, has been advising clients for close to 30 years on how to maximize their retirement income in a sustainable, repeatable, and verifiable manner, while minimizing risk exposure to the daily turbulent financial markets. His keen insights into conservative and income generating investment options have been invaluable to those approaching or currently in retirement. In addition to his decades of experience and financial know-how, he held Series 7 and 63 FINRA Securities registrations for over 25 years, holds several insurance licenses, and has held the Certified Financial Planner™(CFP®) designation in good standing for 20 years.

After successful careers with a number of reputable financial institutions, Kinney established Toole, Kinney, & Co., Inc., in 1999. Kinney has been cited on such national news outlets and financial publications as CNN.com, Fox Business, NBC, Wall Street Select, and The Miami Herald. He remains active in several area charities, has participated in several marathons, including the Boston Marathon in 2013 and 2014, enjoys all activities outdoors, and currently lives in Stockbridge, Massachusetts.