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:
Traditional IRA contributions
Contributions to other retirement plans
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.