End Of Year Tax Tips

YOUR MOST TAX-ADVANTAGEOUS TIPS FOR THE END OF THE YEAR DEFER YOUR YEAR-END BONUS UNTIL NEW YEAR'S FOR THOSE WHO THINK THEY'LL BE IN THE SAME OR A LOWER TAX BRACKET NEXT YEAR Withholding your bonus 1 week helps you avoid paying more taxes if you're in a higher tax bracket this year KNOW YOUR DEADLINES FOR EVERYONE Throughout the year, keep a checklist of all sources of income Getting a jump on taxes saves you time and frustration when tax season arrives CLEAN OUT YOUR CLOSETS, DONATE TO CHARITY FOR THOSE WITH QUALIFYING EXPENSES EXCEEDING $6,100 IF SINGLE, $12,200 IF MARRIED FILING JOINTLY Contribute cash or stock to your favorite nonprofits Donate unwanted clothing, sporting goods, and household items to score an easy tax deduction (just keep the receipts!) MAX OUT YOUR RETIREMENT SAVINGS FOR THOSE WITH 401(K)S AND IRAS 401(K) IRA Retirement contributions decrease taxable income and tax liability $17,500 $5,500 ($23,000 if you are 50+) ($6,500 if you are 50+) WITH THESE TIPS, YOU CAN ENJOY THE HOLIDAY SEASON WITHOUT FRETTING ABOUT MISSED OPPORTUNITIES NEXT YEAR! intuit. TurboTax.V