November 4, 2013
4 Last-Minute Ways to Cut Your Taxes
Learn how you can lower your tax bill before the start of the New Year.
Lowering your tax bill would be a great way to start off the New Year. Consider these suggestions:
- If you haven't already maxed out your 401(k) contributions for 2013, ask your employer if you can make a catch-up contribution before year's end.
- If your employer offers matching contributions, that's free money you're leaving on the table. See if you can contribute at least enough to take full advantage of the match.
- Calculate and use any untapped flexible spending account balances before plan-year deadlines; otherwise, you'll forgo the remaining balances.
- If you plan to itemize deductions, make all charitable contributions by December 31st.
Bottom line: Spending a few minutes now might shave hundreds - or even thousands - of dollars off your taxes.
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