This seems like a good time to remind you of some things you can do before the end of the year to lower your taxes. First, read the article I wrote last year: Tax Deduction: End of Year Savings.

Now you know what you need to do.

1. Make sure your traditional 401k and/or IRA are fully funded.
2. Declutter your house and donate those items, making sure to itemize them.
3. Donate cash or new goods to your favorite charities — a great thing to do during the holiday season.

If you’ve done all the above or need more ideas about who to give money to, here are some good options: donate a toy, cash, or even a car to Toys for Tots; donate goods or money to Goodwill; or donate money to The Salvation Army.

This entry was posted on Friday, December 7th, 2007 at 3:04 pm and is filed under Tax Deduction. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.