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It’s hard to believe that the holiday season is already upon us and the year will be coming to a close soon.
This a great time to make some end of season tax moves before December 31st, to help lower your tax bill and increase your tax refund.
Here are 5 of the best 10 end of year tax tips:
1. Make an Extra Mortgage Payment.
Pay an extra mortgage payment on December 31st so you can claim that paid interest on this year’s taxes.
- Get Your Medical Examination Done
Get your medical examinations, and screenings before the start of the New Year.
This will increase your medical expense deduction.
3. Say No to Bonus
People who are due for a bonus should try to postpone it, as by accepting it, it will increase their taxes.
Talk with your employer to see if you can reschedule it for the beginning of next year.
4. Be Charitable
By giving donations, or being a volunteer at a charitable organization, you may qualify for tax deductions.
5. Join a Class
Signing up for a class can increase your tax refund.
You may receive almost $2,000 if you sign up before December 31st.
This tax season, be wise, and work on reducing your taxes, and increasing your tax refund.
Have fun saving money on taxes this year!
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