Last week I featured a guest post from CPA, Dawn Pettiglio.  She has another great tip for us this week.

Maximize your savings!

If you have a spouse who receives a regular paycheck (usually required to offset the uneven flow of income for work-at-home moms) - your spouse just had a cut in his/her social security tax.  A person whose gross income is $1,000 per week is receiving an extra $20 per week in his/her paycheck. 

If you increase the 401(k) contribution to put that extra money into your retirement savings, you will maximize your tax savings.  Self employed people had their Self Employment tax cut from 12.4% to 10.4% - you can put that savings into your retirement account.

Just be careful not to exceed the maximum contribution limits.

Dawn Pettiglio, CPA, from Bradford, New Hampshire.