Happy Holidays: Last Minute Tax Moves

Yep, the end of the year is upon us. Happy Thanksgiving and Merry Christmas, I hope you have a wonderful holiday season! But before it gets into full swing lets talk about a few last minute tax move you need to make by 12/31.

Make a Checklist

Making checklists of the tax documents you will need (and should be receiving in January) will go a long way to making preparing your taxes less stressful. If you're not sure what you're going to need you should email your preparer and ask. Trust me, they'd rather get that email now than one day before your scheduled appointment. Plus most preparers have a list on standby they can quickly email out.

Review Last Year's Return

Sometimes we don't remember that we've had some changes in our lives that may affect our taxes. One way to double check is to look through the previous year's tax return. Page 1 of Form 1040 has lots of good information that will help you to remember any potential changes to your tax situation. 

Fully Fund your IRA, Flex or HSA

Consider using your holiday bonus as part of your contributions. You have until the tax due date to fully fund your IRA, so if you don't have enough by 12/31, just keep contributing until April 15th.

Charitable Giving

All donations MUST be made by 12/31. Remember to keep receipts from Goodwill, Salvation Army etc. and it is always best to write a check or use your debit card when donating cash. At least this way you'll have a record of the donation if you don't receive your end of year letter from your preferred organization.
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​Happy (upcoming) Holidays!!
Liz
Your Mobile Tax Pro