Year-end is right around the corner, but there are a few smart tax-saving moves you can make, including these Power 8.
Hey, check your paycheck withholding. Too much? Hello, refund! Too little? Hello, surprise bill from Uncle Sam! Aim for a break-even to make your money work harder, not the government.
Got a bonus coming? See if you can push it to next year and lower your tax bill. Self-employed and filing accrual basis? Consider delaying those invoices to your customers.
Boost those pre-tax retirement contributions and save on taxes. Or look at maxing out your ROTH contributions by year-end. But remember, this money is for your golden years, so only boost if you have extra cash lying around.
If you're 73 or older, don't forget to make your RMD withdraw from your retirement accounts by Dec 31st! Miss it, and Uncle Sam hits you with a hefty penalty. No one wants that.
Feeling generous? Use your $17,000 exclusion to give money to each person without Uncle Sam dipping into it. Stay under the radar of the IRS's gift grab.
Pay property taxes and January's mortgage early for deductions. Donating big? Itemize for tax breaks. Going electric? Enjoy those EV credits. And finish those eco-friendly home upgrades!
Switch to a Roth for tax-free growth and withdrawals. It's a savvy move but chat with a pro first. Keep those dollars away from the taxman!
End-of-year tax planning? Get a tax pro on your side, like us! Make smart moves, cut your tax bill, and stride into tax season like a boss.