As the end of the year nears there are a few things to consider thinking about before December 31. If you are in need of a bigger refund and pay out of pocket expenses for college, you can pay for the Spring 2010 semester in 2009 and claim it in this tax year. Note, that it will reduce the amount you get next year but if you want the money now it is an easy way to increase your refund.
Be sure to talk to a CPA or other tax person as there are some limits on who qualifies for these credits.
Another great way to get more money back is to maximize your charitable donations. Take a bag of clothes or two to your local Goodwill and be sure to keep track of what you gave. You would be surprised with the amount of people who forget to think about these types of deductions.
With the housing tax credit extended, either $6500 or $8000 depending on your situation, now is a great time to close on your new home. Do not rush it just to get this credit though, as you should always look for the best deal out there.
Adding more to your 401k can help offset some of your income too. You might not get any more back at year end, but your tax bill will be less since you have less income, as it goes into your 401k pre-tax, if you have a traditional 401k plan. Also, it helps you save more which is always a plus.
These are just a few things to help you save some money on your taxes. All have there little quirks so be sure to look at the detail.
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