I know that most people are about the business of the holiday season right now on this last day before a long holiday weekend or vacation for many. But before the last days of the year slip away, it is wise to think about what else that you can do to save on your taxes.
First stop should be this article from Vocalpoint entitled There?s Still (Tax Write-off) Time: Get in a few last minute tax write-offs. This article features some simple ways to save the most on your taxes, especially regarding things that you will be doing anyways, like donating to charity and paying your mortgage. By doing these things now, it will reflect for this year, and you will reap the rewards sooner rather than later.
Other things that I recommend that you do now rather than later for maximum tax benefit:
- Make any additional payments that you plan to on your student loans in order to have it show up on your 1098 and you can get the tax break on the interest.
- Get any payments or money due you now, especially if you are self-employed or do freelance/consultant work, to take advantage of this year?s income tax rates. We do not know what next year will bring, but it may be significantly higher taxes.
- Use up all that you can of the money in your Flexible Spending Account. If your plan year ends on 12/31/2012, you will lose any remaining funds, so it is now or never.
- If you have bills that you pay or supplies that you have to buy that are used for business and get written off at the end of the year, shell out the cash for them now so they can count for 2012.
- Start gathering your records and make sure that they are updated now rather than later. You will thank yourself come tax time and it could cause to gain a greater tax benefit.
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For more tips on what to do now to benefit your financial situation when tax filing time arrives, you can check out this article by LearnVest entitled 11 Great End-of-Year Tax Gifts You Should Give Yourself. Also don?t forget this previous post from last month What You Should Be Thinking About Right Now in Early November that is along the same lines.
What are you doing now to maximize your tax break benefits? Do you tend to think ahead about doing this? Why or why not? Please comment below and share your experience with us.
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Source: http://blogs.ideasforwomen.com/blogs/money/2012/12/last-minute-tips-to-save-on-your-income-taxes/
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