If you planned your taxes at the beginning of the year, you’re definitely ahead of the game. Here are some of the crucial factors that will impact how much you pay in taxes this year:
Tax Moves to Make before the End of the Year
Click icon to add picture Your Income Bracket If you are due any income before the end of the year that would bump you into a higher tax bracket, then you may want to see about postponing it until next year. For instance, if you are due a bonus in December that would push you over the income threshold into a higher bracket, you may want to request to receive it in January.
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Save More
The end of the year is the time to fund your 401(k) or other retirement accounts. Saving now will also prevent you from overspending during the holiday season.
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You can reduce your tax liability by contributing to a qualified charity. If making a slightly larger charitable contribution drops you into a lower tax bracket, then you should plan your donations accordingly.
Click icon to add picture Consider Deductions
You should consider tax deductions for homeowners, families, employees, transportation, travel, medical tax deductions, etc. Be sure you have supporting documentation for each.
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