It’s all the more urgent in this final week of the year to take care of all the tax-related odds and ends you can, but there’s also no better time to set up a tax-related plan of attack for next year. Bargain Babe surveyed some tax experts, including contacts at H&R Block and TurboTax, to come up with a list of money-saving must-dos that would make Tax Cat proud.
The tips in her post are good year-round, but here are a few that are especially urgent at year’s end:
*Clean out your closet. — Clothing donations to charities can become easy deductions.
*Ask for early W2s — See if your employer’s HR department can give you an estimated W2 form. An estimate of your income is invaluable in determining what your tax burden will be for the year. You can use the information to make any last-minute donations that could lower your tax rate.
*Make your home more energy efficient. — Some upgrades that reduce your home’s carbon footprint are deductible. For more details, check out this post.
What do you plan on doing this week, as well as next year in order to ease the blow of the tax hammer?
15 income tax tips to save you money [Bargain Babe]