Year-end tax planning can be onerous enough. Throw in the pending tax reform and it becomes pure drudgery.
But we are here to help! There are things you can do now that will save you money come April.
And while we won't know what tax reform will look like until President Trump signs the bill, don't let that create inertia in your planning. There still are plenty of some tax moves you can make today so you can keep more of your hard-earned money in your pocket.
So watch the video above with Lisa Greene-Lewis, CPA and tax expert at TurboTax , who gave us some great tips.
But here's a little cheat sheet.
- Start donating! Keep your receipts and don't forget that if you drive to volunteer at a charitable event you can deduct 14 cents per mile.
- If you have to put your kids in daycare during their holiday break so you can work, that counts toward your Child and Dependent Care Tax Credit, which is $1,050 for one child, and up to $2,100 for two or more.
- You still have time to save the environment and get credit for it. So install those solar panels and water heaters and qualify for a credit equal to 30% of your total cost.
- And if you're self-employed, take advantage of the holiday sales and buy that new laptop you wanted. Any equipment you purchase for your business can be deducted, so go shopping!
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