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Did you know? The deadline for minimizing your taxes is December 31st, and not April 15.
I know that most of us are looking forward to the holiday season, now is the time to take advantage of most of the tax breaks.
Here are 3 of the top 5 year-end tax break strategies to help you save on your taxes.
#1 Check Your Tax ID Number for Identity Theft
The intent of any information theft is to use the stolen information (Social Security Number, among other) and attempt to gain early, fraudulent refunds.
The simplest method is to file your tax returns early. If your return is received before the fraudulent one, the IRS will automatically reject the return notice to the identity thief.
In case you suspect, or have been a victim of theft of your tax ID number, you can receive a separate identity protection PIN (IP PIN) by filing the IRS Form 14039.
#2 Leverage Increased Contribution Amounts to Your Tax-Advantaged Savings Plans/Accounts
Traditional 401(k), IRA, and SEP are tax-advantaged plans.
Hence, by planning and making the contributions in advance, you increase the potential for your tax-free earning to grow.
#3 Check Your W-4 and Adjust Your Withholdings
You still have time to make changes to the W-4 you have on file with your employer. Your goal is to ensure that the money that has been withheld from your paycheck equals your tax liabilities.
You still have time until December 31st, and by simply scheduling some time to addressing each of the above, you are sure to gain a hefty tax return next year.
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