Save Money Act by Dec. 31 and you can lower your tax bill

The Denver Post - - BUSINESS -

If you want to try to lower your tax bill, the im­por­tant date isn’t in April — it’s Dec. 31. Tax pros say you still have time to make a few money-sav­ing ma­neu­vers.

1. MAKE A DO­NA­TION: Last-minute char­i­ta­ble con­tri­bu­tions can be tax-de­ductible — even if you make them on a credit card, ac­cord­ing to Christi Ben­der, a cer­ti­fied pub­lic ac­coun­tant in Phoenixville, Pa.

2. OFF­SET CAP­I­TAL GAINS: If you’ll have cap­i­tal gains to reckon with, con­sider sell­ing off some un­der­per­form­ers in your port­fo­lio, said tax ad­viser Grant Kee­bler of Kee­bler & As­so­ciates in Green Bay, Wis.

3. GET OUT OF THE OF­FICE: End-of-year busi­ness travel and even work­ing from home could lower your tax bill if you work in a city with a wage tax, Ben­der said.

4. STOKE YOUR SAV­INGS: Con­sider max­ing out the con­tri­bu­tion limit on a tra­di­tional IRA (It’s $5,500 if you’re un­der 50 and $6,500 if you’re older) if you’re el­i­gi­ble to deduct all or part of your con­tri­bu­tions.

5. STAY AWAY: Re­tirees who split their time be­tween homes in dif­fer­ent states may be able to cut their tax bills by spend­ing the last few days or weeks of the year in the state with lower taxes, Kee­bler said. The As­so­ci­ated Press

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