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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
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
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