Monday, December 20, 2010

6-Year End Money Tips for 2010

It’s the most wonderful time of the year — to think about taxes. Several tax breaks expire at the end of the year, so planning now could mean a lower tax bill in 2011.

Christmas carols on the radio say it’s “the most wonderful time of the year,” but it’s also time to think about taxes.

Yes, the filing deadline is four months away, and yes, we still don’t know what will happen with the Bush-era tax cuts, much less the broader economy. But if you plan before the year’s over, you can actually lower your current tax bill despite these unknowns. That should keep you in good cheer through the holidays.

There are a lot of strategies for year-end financial planning, and they’re designed for people with differing incomes and situations. Some people can afford to postpone the dreaded tax season, but as we mentioned in the video above, here’s six things to think about right now to make the new year less taxing:

1. You can take up to a 30 percent tax credit (Read more - video included)

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