2014 is quickly coming to a close. Before ringing in the New Year, take December to round out some quick and easy tips to lower your tax obligations and even boost your tax refund. And who doesn't want more money?
So before we put a cork in this year, get your tax to-do list ready -- and let’s check off these 8 items.
1. Start gathering forms, and receipts. Start gathering receipts for deductible expenses and sources of income for the past year so you don't leave anything out when you sit down and prepare your taxes. Pro tip: Understand which tax forms you will need, and keep a checklist to keep everything straight. This will help keep your sanity when you sit down to file your taxes, trust me.
2. Donate to charity. Take December to weed through your clothes, furniture, and household goods to give back to a qualified charitable organization. Donating to those in need will leave you with a warm feeling inside, as well as a possible deduction. For non-cash and monetary donations, make sure you keep your receipts from the charitable organizations. Mileage (14 cents of every mile) driven to charitable service is also tax deductible. TurboTax Its Deductible will accurately value and track your yearly-donated goods. Make these donations count on your taxes by donating by December 31st. Pro Tip: If you make a donation by credit card, you do not have to pay it off in 2014 to receive the tax deduction.
3. Push back your bonus to January. You have put in some hard work t...