I know we’re all distracted by Holiday shopping madness, but it’s never too soon to start looking for ways to reduce your 2013 income tax obligation. You only have 3 weeks left to make adjustments!
Things like deferring income until the new year, making charitable donations, pre-paying next year’s college tuition, and maxing out your IRA and HSA contributions are all legitimate ways to cut your tax bill. For a more comprehensive list of tax ideas, I went on a little Google search. Here is a list of links that will get you started.
And, just in case you miss the boat, there’s always next year!
Of course, you should definitely consult with your tax professional before doing this. That’s if you can catch him – he’s probably out Christmas shopping!
How about you? Have you used any of these techniques? Did you save much? Let us know over at the MindField Online Facebook page!
Standby for our annual, obligatory “Last Minute Tax Tips” post!
You might be thinking: How can it be tax time? There’s still snow on the ground! Well, you better hitch up the sleigh, because Uncle Sam waits for no man, snowman!
Anyway, the web is full of hundreds of articles on last minute tax advice, all of which I will share now and here are a few to ponder.
And FYI, in recent years, Tax Day has been postponed for the weekend, or due to some holiday. But this year, Tax Day goes Old School, i.e., April 15. Yay, tradition!
So, as a humble public service from your humble public servant (me) here are the links to everything you need to know. Have a good weekend!
Forbes • CBS News • Investopedia • US News Money
Fox News • TurboTax • Money Talks News
Wall Street Journal • Yahoo Finance • Detroit Free Press
Homer Simpson does his taxes at the last minute…
Homer: “Quick! We need more deductions! OK Marge, if anyone asks, you require 24-hour nursing care, Lisa’s a clergyman, Maggie is seven people, and Bart was wounded in Vietnam!”
Later, 5 seconds to deadline, he tosses his return into a mail cart as the cage doors are slamming shut. The cart is marked For Severe Audit.
There’s a lesson here folks, and it’s that the Simpsons used to be really funny.
Also, it’s tax time, and getting late in the game. The deadline for filing your return is April 17th. So here, courtesy of the money page at USNews.com, are some last-minute tax filing tips:
- File an extension. This has always confused me. They say you can put it off for 6 months, but you still have to pay by 4/17. If you don’t do your return, how do you know how much you owe?
- Make tax-deductible IRA contributions. Right up until 4/17.
- File electronically. With my luck, my broadband would go out that night!
- Even when rushing, do a careful review. Duh.
- Don’t forget this year’s newest forms. If you need any of the new forms, you should have started earlier!
- Get organized for next year. Or just marry someone organized, like I did.
- Enjoy tax-day freebies. Companies like Bruegger’s are giving away tax-time treats that day. So Google that!
So, even at the last minute, there are ways you can avoid mistakes, penalties and audits. Check out the info behind the bullet points at the original article. And happy tax time!