8 End of the Year Tax Tips

8 End of the Year Tax Tips


There is another list you should be checking in addition to your holiday shopping list. But this list will enable you to save money rather than spend it, so let’s definitely get excited about attacking the end of the year tax to-do list.

1.) Make an extra mortgage payment

Go ahead and pay your January 1st mortgage payment in December and you will get an additional deduction for the interest paid. Make sure you get the payment in in plenty of time for it to arrive at your lender by year’s end. That way, the added interest will show up on the annual statement you will get from your lender in late January detailing your deductible mortgage activity.

2.) Charitable giving

Charities are most in need of donations by the end of the year and these contributions can help you ease your tax bill. Keep all records of cash donations especially if the total is $250.00 or more.

3.) Job hunt deductions

Did you look for a job this year? If so, you can deduct travel expenses, continuing education expenses and resume prep. Even those copies made at Kinkos can be deducted if you keep the receipt.