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Very Very Last Minute Tax Moves

Posted By Jim On 12/28/2011 @ 7:16 am In Taxes | 6 Comments

It’s December 28th, there are just three business days left in the year and you’re just now thinking about last minute moves you can make to reduce your tax burden. Fortunately, there are still a few things you can do on the very last day of the year to reduce your taxes. I won’t into great detail, you simply don’t have the time to read it, but you can do additional research on the items you think apply to you. Most of these will require that you itemize your deductions.

  • Donate to charity – You can donate today with a credit card, claim the deduction for 2011, but pay it off when your statement is due in 2012.
  • Make an extra mortgage payment
  • Pay your property taxes
  • Contribute to an IRA
  • Take advantage of federal tax credits for energy efficiency [3]
  • Consider selling stock losers to offset winners (beware of the wash rule [4])
  • Buy that new hybrid/electric car [5].
  • Contribute to a 529 account

There you go, eight quick last minute tax moves that you can try with just a few days left to go. Hurry! (or not…)

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[3] federal tax credits for energy efficiency: http://www.energystar.gov/index.cfm?c=tax_credits.tx_index

[4] wash rule: http://www.bargaineering.com/articles/reduce-your-capital-gains-tax-bill-wash-rule.html

[5] hybrid/electric car: http://www.irs.gov/newsroom/article/0,,id=157632,00.html

Thank you for reading!