2010 is quickly coming to an end. But, there is still time to take advantage of some tax saving tips to ease your tax burden next April.
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Use up all of your Flexible Spending Plan funds – Make sure to claim the full amount you elected, or you will lose the ability to claim it back.
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Make all of your donations to charity. If you have unused clothing, household items, a car, or toys, put them to use, and get a tax donation! Remember, “One man’s junk, is another man’s treasure”.
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Max-out your 401(k). Your contributions are tax-free and will lower your taxable income. Not to mention, help you plan for retirement.
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While a 401 (k) is an employer-sponsored plan, you may alternatively open or contribute to a traditional IRA, which you set up and decide how it is invested. Your contributions are also tax-deductible.
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Sell depreciated investments. Capital losses can be used to offset gains or to reduce your taxable income, up to $3,000.
Make sure you are saving right up to the end of 2010!!
Happy Holidays!
Julie Arnheim
RubbingNickels.com
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