Last-Minute Moves to Shrink Your Taxable Income
The end of the year is approaching and as a tax payer, you may be able to make some last-minute moves to improve your financial position come tax time. By making tax-free donations or contributions to retirement accounts, you can shrink your taxable income which can equate to a larger tax refund or less owed.
The following are some simple options you may want to consider taking advantage of by year-end:
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Charitable gifts
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Traditional IRA contributions
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401(k) contributions
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Contributions to other retirement plans
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Health Savings Account (HSA) contributions
Contact our office today to see if making one or more of these options could lower your tax burden come tax time.