- Days left

12 Money-Saving Year-End Tax Tips


2011 Tax Guide"Tax time" isn't just April 15 (or whatever day you prepare and mail your return). There are opportunities all year long to minimize the amount of money you fork over to Uncle Sam.

Although the end of 2011 is near, it's not too late to make sure you don't owe more than you need to. Here are some tax-smart moves to make before you head out to that New Year's Eve party. Note that some of these tax saving strategies only apply if you can itemize your deductions and you're not subject to the Alternative Minimum Tax. You should check with a tax pro to see which strategies will work, and work best, for you.

Longtime Motley Fool contributor Selena Maranjian holds no position in any company mentioned. Click here to see her holdings and a short bio.

Increase your money and finance knowledge from home

Intro to Retirement

Get started early planning for your long term future.

View Course »

Getting out of debt

Everyone hates debt. Get out of it.

View Course »

TurboTax Articles

5 Tax Tips for Single Moms

If you're a single mom filing your taxes, make use of tax credits and deductions that can help reduce your taxable income and reduce the amount of tax you pay. A number of strategies, credits and deductions can be used to reduce taxable income, and in some cases, allow tax refunds even if you didn't pay in any taxes. When you use TurboTax, we'll ask simple questions and handle these calculations for you.

Essential Tax Forms for the Affordable Care Act

The Affordable Care Act (ACA), also referred to as Obamacare, affects how millions of Americans will prepare their taxes in the new year. The law now includes penalties for all who haven?t obtained health insurance -- and those penalties are expected to be paid at tax time. The ACA also provides tax credits to help people pay for insurance, and you can claim those credits when you file your taxes. The Internal Revenue Service (IRS) has introduced a number of tax forms to accommodate the ACA.

What is Form 1095-A: Health Insurance Marketplace Statement

If you bought health insurance through one of the Health Care Exchanges, also known as Marketplaces, you will receive a Form 1095-A which provides information about your insurance policy, your premiums (the cost you pay for insurance) and the people in your household covered by the policy.

Keeping Yourself Safe From Tax Scams Today

During tax time, there are numerous types of tax scams. These illegal schemes can result in the taxpayer being responsible for extra interest, penalties and possible criminal prosecution. Tax schemes and scams attempt to gain access to your financial information by email, telephone, fax or mail. They also may attempt to falsely collect tax you owe to the Internal Revenue Service. Using TurboTax ensures your financial information remains safe.

Health Care and Your Taxes: What's the Connection?

Your cost for Marketplace health insurance is based on the income you file on your tax return. Your reported income also determines your eligibility for the tax credits and penalties associated with Marketplace health coverage. Everyone has to have health insurance and by filing your taxes, you let the government know if you carry health insurance. The tax system acts as a way for the government to levy a penalty on those who don?t have it and to provide assistance, by means of a tax credit, to those who do.

Add a Comment

*0 / 3000 Character Maximum


Filter by:
Bees Command Ctr

Those comments were helpful,thanks for printing them

December 30 2011 at 11:01 AM Report abuse rate up rate down Reply

every one seems to be getting a tax decrease except the senior who is collecting social security.he has to work to keep his head above water.If his income for a couple is above 32000 dollars social security is taxable.Does any one in congress know about this,or they just do not give a DAMM.

December 27 2011 at 2:58 PM Report abuse rate up rate down Reply

Fed res dollar printing has increased to keep up with US treasury's need for them as debt buyer of last resort. Euro is doing same for their debt but doesn't hold the luxury as world's res currency. Fed exports it's inflation to the world euro can't & WILL hypor inflate to ZERO. Europ will run to the dollar as others trade for gld/slvr. Even with small demand increase gld/slvr price rise outside the fed's ability to keep suprpressed & dollar will start its final fall, world WILL panic & gld/slvr will BE only reserve currency. World fiat monotary system is collapsing & we face deep depression. Got Gold? China & India does, why's that you figure?

December 27 2011 at 1:33 PM Report abuse rate up rate down Reply

Most folks overpay federal and state income taxes because they will neither learn the basic ins and outs of the tax code nor will they do their own taxes via any of the excellent tax preparation programs available. Meanwhile, a third party preparer will never be as interested in reducing your taxes as you should be.

December 26 2011 at 4:38 PM Report abuse rate up rate down Reply

One of the major problems in our country is that the politicians are willing to give entitlements to buy elections. What has happened to the self respect of the Americans like my grandparents had by surviving as dirt farmers. My grandparents taught us to be self reliant and that if we hoped for something we had to work for it through education and determination. You set your goals and did what you had to do honestly which gave you self pride. Some of our young people are not getting that at home and in their daily lives....nor encouragement from our government by handing out freebies and back breaking entitlements paid by the working people in our country. The United States bank account is overdrawn and we must stop writing checks to those who have contributed nothing to our country's success and that also includes foreign aid.

December 26 2011 at 4:35 PM Report abuse rate up rate down Reply
1 reply to JUDY MCCANN's comment

I love you Judy but our world is gone ,there is no agenda for taken responsibility I believe ,The lawyers have made it impossiable to fix this . Any way that we can think to make people responsible is illegal or violates their rights.People cannot pay their mortage it is the banks fault ,yes some lenders did go to far and the people involved should be accountable ,however can we believe that the takers of such money cannot add or subtract!!! On your comment we continue to write checks to people who contribute nothing and be careful what you say it may violate their rights!!! This country is finished buried in the idea of things that where did years ago and missaplied to current events.Thank you for your comments

December 27 2011 at 11:06 PM Report abuse rate up rate down Reply
dc walker

You can't blame the people in congress when its the people who vote them in election after election hoping for better results. The elderly in this country remember the way this country USE to be vote out the incumbants, kick out those who engage in insider trader (yes, congress people can do it legally), the young ones who were voted in are the only ones working to turn around the cronyism that is congress today.

December 26 2011 at 3:52 PM Report abuse rate up rate down Reply
Hola Tavo



December 26 2011 at 3:52 PM Report abuse rate up rate down Reply
1 reply to Hola Tavo's comment


December 26 2011 at 3:57 PM Report abuse rate up rate down Reply

Joe has the right idea to abolish the tax structure and kick all the politicians out of office. Unfortunately, replacements in congress will likely only be marginally better than those we boot out. So it is unlikely the basic tax structure will be changed. Given that, the burden is on the tax payer to insure he knows enough about the tax system to insure he pays the minimum tax on his hard earned income. While CPA's and registered agents can help, recoginize they make their living out of the complicated system. And, the more they help, the more they make. The more you know the better so you can look out for your own interests. You know your business better than any one your to to for help with your taxes. They are limited to what you bring in for them to see and what answers you give to their questions. How do you know they are asking all the right questions and follow up question to your answers? How do you know they have taken the time your return deserves? Or, have they rushed through your session so another one can be held? It is your money, protect it.

December 26 2011 at 3:31 PM Report abuse rate up rate down Reply

Here is a tax tip I use. I an in the stage of life where required minimum distributions re required on my IRA's and 401K. Since the RMD will go up every year, eventually I will be in the upper tax brackets. In December of each year, I do a hypothetical tax calculation to determine my incremental tax rate and that point where the next $ of income is taxes at the next higher bracket. I then make a special withdrawal from my IRA to insure my taxable income reached that level. The theory is to tax as much as I can at the lowest rate, because next year the bracket will be higher. Plus, it is likely that our supreme leader will be increasing taxes in the future.

December 26 2011 at 3:19 PM Report abuse rate up rate down Reply

we need a Fair Tax, RIGHT NOW!

December 26 2011 at 3:11 PM Report abuse rate up rate down Reply