With less than two months left in the year, it’s time to start considering year-end money moves to reduce your 2009 tax burden. To help spur some ideas, MSN Money has ten suggestions as follows:
Boost your 401k contributions
Make the most of your flexible spending account
Buy a house
Buy a car
Sell losing investments
Maximize your tax credits and deductions
Pay college bills
Give to a charity
Max out tax breaks for the self-employed
Keep track of medical expenses
Ok, we didn’t say they were ten good suggestions. Anytime you have to spend a few hundred thousand dollars (like to buy a house) to get an $8,000 tax credit, it’s probably not a good deal. Then again, if it’s a question of buying now or a few weeks from now, get a move on and save yourself eight grand!
To give them credit, there are several that make good sense — many people can benefit from boosting their 401k contributions, making the most of flexible spending accounts, selling losing investments (anyone out there have any?), and giving to a charity. Pretty basic ideas, but if nothing else, this piece reminds us that the year is ending soon and any appropriate tax-reducing measures we want to take need to happen quickly.
10 ways to lower your 2009 taxes now [MSN Money]