11 tax moves every taxpayer should make before the end of the year

first_img 23SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr It’s coming soon – and we don’t mean Christmas or Hanukkah. While the deadline to file income taxes is still more than four months away, now is the time to get serious about tax planning.That’s because some moves need to be made by Dec. 31 if you want to take advantage of certain tax breaks. Plus, the sooner you get organized, the sooner you can get your taxes filed and your refund (if any) in hand.“Start getting organized early,” says Lisa Greene-Lewis, CPA and tax expert for TurboTax. Gathering up documentation about business expenses, charitable donations and other potential opportunities for deductibles from this year will save you time and headaches later.If you’ve experienced a life change, you may need time for additional preparation. Those changes include starting a business, moving for a job, buying a house, suffering an expensive health crisis, getting married or having a baby. For example, to claim the baby as a dependent, you will need to apply for the child’s Social Security number if you haven’t already. continue reading »last_img

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