10 Strikes You Ought to Make Now to Decrease This 12 months’s Taxes

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If I asked you to list the most common types of money wasted, how would you react?

You could say “pay for unused memberships and subscriptions” or “buy things you don’t really need” or “let food spoil”.

These are all common ways to waste money, and there are many more. But one thing that probably wouldn’t, but should, appear on your list is “Paying Too Much Income Tax”.

Every dollar of deductions you qualify for will reduce your federal tax bill by 10 cents to 37 cents, depending on your tax rate. Every tax credit that you can claim will lower your bill dollar after dollar.

But here’s the thing with taxes: Starting December 31st, it will mean that many of your opportunities to save taxes for that year will disappear. It is for this reason that you should always do a quick check during the last few months of the year to make sure you are not missing out on anything that could save you hundreds or even thousands of dollars.

That’s what this week is “Money!” Podcast is about. We will now talk with a quick review of how you can save money next April. And we’ll do it without your eyes glazing over.

As always, my co-host will be financial journalist Miranda Marquit. Listening and sometimes contributing is producer and new investor Aaron Freeman.

Sit back, relax, and listen to this week’s “Money!” Podcast:

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