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.
- Forbes: Last-Minute Tips to Lower Taxable Income for 2013
- TurboTax: Top 8 Year-End Tax Tips
- TaxBrain: “Last Minute” Year-End Tax Saving Moves for Individuals
- Schwab: Year-End Tax Tips for 2013
- About.com: Year End Tax Tips
- MarketWatch: Year-end tax tips for retirees and preretirees
- InvestorPlace: 7 Tax Tips to Use Before 2013 Ends
- CNBC: Five tips for year-end tax planning
- AARP: Year-End Tax Moves That Can Help You Save
And, just in case you miss the boat, there’s always next year!
- TurboTax: Tax Tips After January 1, 2014
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!