The end of 2017 is in sight, and with planning, you can trim your tax bill and avoid paying too much. Here are six things you can do to make your money work harder for you.
- Pay Your Mortgage Early — Make your January mortgage payment in December.
- Defer Income — Defer income or a year-end bonus until next year.
- Give to Charity — Give to your favorite qualified charity.
- Manage Your IRA — If you are required to take a distribution from your IRA, take only the required amount to reduce taxable income.
- Balance Stocks — To offset any capital gains, sell some stock for a loss and rebalance your portfolio.
- Gather Deductions — Make early payments for any deductible expenses.
These ideas are some of the simplest and most effective ways you can reduce your tax bill. Contact us to learn more ways you can save this year by helping our cause. To learn more about these options for end-of-year gifts, or to view an illustration of the benefits of making a gift of your property, please call or e-mail us today. We look forward to helping you meet your year-end goals!