Year-End Tax Tips
Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Right about now, you’re preoccupied with holiday parties, gift wrapping, Secret Santas, and where you’re going to spend your Christmas break, if you get one.
The last thing you want to think about is taxes.
So let’s make this as painless as possible. Here is a checklist of things to do this week. Get all of this out of the way now, and enjoy your holiday season.
If you’re going to owe money next April, here are some things you can do to beef up your deductions:
This won’t help me at all, you say?
If you don’t itemize because you don’t have a mortgage or deductible expenses, what can you do?
You may qualify for an IRA deduction. And if you do, the good news is you can wait until April 18 to fund it.
Generating Cash To Increase Your Savings
If you can’t find many tax-cutting options that will work for you, here are some reliable ways to generate cash instead.
Folks involved with outside sales and employee business expenses can do a better, faster job of preparing your expense reports. The sooner you turn them in, the faster you get your money. The more complete your report is, the more of your expenditures you get back. Let’s face it: you’re leaving money on the table because you didn’t track all your receipts, right? Everyone does. (Sigh.)
When it comes to savings, start setting some money aside now, even with the holidays coming, to cover next year’s taxes.
Can’t save? Establish lines of credit right now. They’ll be live and ready to use by April, when you will need to pay your balance due.
Of course, you could always start a quickie Internet business and become a millionaire by April—at least in your dreams.
Tax Schemes and Tax Turkeys: Stay Away from Too-Good-to-Be-True Tax Advice
Winner! Winner! Winner!: Tax Implications of Winning Lotteries and Game Show Prizes
New Tax Laws for 2011
Open-Enrollment and FSAs: A Bonanza of Tax Advantages
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.