Everyone likes to avoid talk of taxes (and paying them!) but there are a few critical things all taxpayer should do before the end of the year to get their tax houses in order. In addition to make contributions to retirement funds, donating to charity, and paying property taxes, taxpayers should make sure their records are in order.
I appeared on CNBC's personal finance show On the Money this week to talk about some of those critical year-end tax moves that consumers should make:
There?s a fine line between looking to save money on your taxes and taking deductions that will raise eyebrows at the Internal Revenue Service. Some taxpayers are tripped up by expenses that they assume are tax deductions, but don?t qualify under IRS guidelines. Here are a dozen items that can lead to unpleasant surprises in case of an audit.
Few realizations are more painful than realizing that you forgot to include a tax deduction that would have lowered your tax bill or increased your tax refund on your tax return. Here are some tax deductions that you shouldn't overlook.
The Affordable Care Act cost-sharing subsidy is designed to lower you out-of-pocket health care costs when you purchase health insurance from the Marketplace. Learn who qualifies for the Affordable Care Act cost-sharing subsidy, how to claim it, and how it's different from the Premium Tax Credit.