It's December and that means that tax time is just around the corner. But for those of us who are prone to procrastination when it comes to paying Uncle Sam, the Dallas Morning News offers a few great tax tips for saving money now, just in time for Xmas. Here's a few of the tax tips you may need.
- Get All Of Your Tax Paperwork Organized Now. That means receipts and proof of your right to take certain tax deductions.
- Tell Your Employer To Hold The Check. If you're expecting to receive a job bonus, ask your employer to wait until January to cut that check. Or, if you're self-employed send those December invoices late, just late enough to miss December 31 st and the 2008 tax year.
- Don't Be A Scrooge. Increase your tax deductions by making year-end donations of money, books, furniture or anything else that is tax deductible to a non-profit organization.
- Pay Next Year's Bills Today. Increase your tax deductions by prepaying some 2009 bills like a mortgage, property taxes or student loans before the December 31 st tax deadline.
- Save For The Future. Maximize your retirement contributions to IRAs and Roth IRAs and decrease the taxes you will owe.