What can you do in the next two weeks to lower your taxes? Time is running out but you can still take the following actions:
1. Make noncash donations of clothing and household items to a recognized charity. Keep a receipt and a record of items donated and value each item per the valuation guide at salvationarmyusa.org.
2. Organize your tax documents and deductions in one file folder for the year.
3.If you have a business, delay mailing bills until late December so that payments won't be received until 2016. Pay your January business rent in December and buy office supplies.
4. Sell investments with losses so that you can offset any capital gains plus $3,000.
5. Now is the time to write a check to your favorite charity.
6. Pay your fourth quarter estimated state taxes by 12/31/15.
7. Increase your 401(k) contributions. This year workers can contribute up to $18,000 and if you are at least 50, you can contribute $24,000.
8. Instead of taking pretax funds from a retirement account, consider taking funds from your Roth or a reverse mortgage. Both are sources of tax free cash flow.
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