With the coming new year comes tax season again. Don’t wait till just before the April 15 deadline to plan your taxes. The time to take action is now. Here are some invaluable advice on how to plan your taxes for next year so that you pay not more than you should.
If you contribute to charity before December 31 this year, your contributions will count towards this year’s taxes. Besides gifts of cash and kind, you can also contribute stocks that have performed well this year. By contributing the stocks, you will not be taxed on your gains. You can also go the conventional route by contributing in cash. If you charge your contribution to your credit card, your contribution is counted as this year’s expenses even though you only pay towards your credit card next year. Checks issued this year also count. But you have to make all your contributions by December 31 this year.
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