With only four days left in the year, you may think that there is nothing that you can possibly do short of winning the lottery to put more money in your pocket this year. While this may be true (unless you are expecting a paycheck within the next four days), there are a few quick money – saving moves that you can make now which can bring more money your way soon in the form of a bigger tax return.
There is still time to make a tax – deductible charitable donation provided that you charge it to your credit card or put it in the mail by December 31st. If your state allows deductions for contributions to college savings plans and you have some money that you can put in, make a deposit within the next few days. Those of you who are self employed can set up a one – person 401k or a SEP IRA and, even better, you can claim a deduction for whatever you put into it before you file your 2011 tax return.
You have probably heard about the large amount of tax breaks that are set to expire this year, because that topic has been in the news a lot lately. Since there are so many tax deductions that are expiring this year, you may also want to do a quick search of the internet to see whether there is anything that you have done this year (or can do within the next 4 days) to take advantage of them before they are gone. The credit for energy efficient home improvement projects is just one of those that is expiring, and there are many lists available for a quick read of others whose time is running out.
In case you did not already know, I am not a tax professional. In fact, I could be voted most likely not to be a tax professional because numbers frighten me. The topic of taxes is interesting though, and when I came across these tax tips I felt that it was important to share them with you. When it comes down to making decisions that affect your taxes, it is important to consult with a tax professional if you have questions.
Photo by chelle on morguefile.com.