Save Money Do these things by Dec. 31 to cut your tax bill

It may seem too early to start thinking about your tax return, but procrastination could cost you thousands of dollars. Here are a few simple maneuvers that could save you a bundle on your taxes — if you make them by Dec. 31.

Move money into a 401(k): In 2018, you can funnel up to $18,500 ($24,500 if you’re 50 or older) of your pay into one and avoid paying taxes on that money until you withdraw the funds.

Bunch your charitable donations: Donating one big amount instead of a series of small amounts could change the tax game, says Kerry Garner, a CPA at Patterson Hardee & Ballentine. A married couple might not score a tax break from a $15,000 annual donation, for example, but bunching the donations into a $30,000 gift every other year could, he notes.

Sell the losers: If you made money on the sale of investments in 2018, you might have some capital gains tax to pay.

However, if your losses exceed your gains, you may be able to deduct the difference on your tax return.

Make a decision on that divorce: In general, for divorces finalized after Dec. 31, alimony payers will no longer be able to deduct their payments, and alimony recipients will no longer have to include that money as taxable income.

Meet your tax preparer: The sooner your tax preparer has an idea of how your year is shaping up, the sooner he or she can find you more ways to save. — Nerdwallet