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Few year-end financial actions

October 3, 2012 by · Leave a Comment 

The end of year is only three months away and it is time to make certain key financial moves in order to save money.

Simplify your finances:  Most utilities, mortgage companies and other merchants allow online payments.  You can also make automatic contributions to your retirement savings plan online.  They save money and provide you with a discipline to stick to your financial goals.

Make necessary moves to save on taxes:  There are many overlooked tax deductions.  If you have children under the age of 13 and you pay for childcare while you and your spouse at work, you can take a deduction for childcare expenses.  If you have kids in college, you can take credit for college expenses under the American Opportunity Credit.  If you moved more than 50 miles due to a new job or transfer, you can claim job related moving expenses when you file your 2012 tax return.  If you are thinking of donating to charity, do it before the end of the year.  Gather all your receipts and keep them in one place for easy access during tax time.

Review your contributions to retirement plans:  There are catch-up provisions for those who are nearing or over 50.  Maximize contributions to IRA and retirement plans.

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