3 Year-End Tax Planning Moves That Can Save You Bundles

Thank goodness election season is over -- almost. 

Now we can get back to our regularly scheduled lives of watching football, raking leaves and figuring out how to avoid crazy relatives over the holidays.

Oh - and add your year-end tax planning to that list.

Yes - it's that time of year. And what you do now - yes now, not on December 31 - can make a ...huge difference to your 2016 tax bill in April. 

So pour a cup of coffee - or a stiff drink - and focus. 

We've already offered three less obvious things you can do to get your portfolio in tip-top tax shape before year-end.

And while you know to max out your charitable contributions (and keep your receipts!) and be aware of that dreaded alternative minimum tax, here are three more obscure things you may not have considered that can get that tax bill down. 

Watch Your Required Minimum Distributions - Even if You're Not 70.5

Distributions from an IRA are required for people who turn 70.5 during the tax year.

And remember, that's taxable income to you, so make sure you are properly withheld or have the money set aside to pay the bill.

But if you inherited an IRA this year, you also may have to take a distribution, regardless of your age, says Ellen Minkow, CPA and partner at MS1040 LLC.

Especially if you are not the deceased's spouse.

There are generally two options for people who are non-spouse beneficiaries.

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