5 Year-End Tax Moves You Need to Make
It's somewhat rare to have taxes on the brain in December, what with the holidays occupying much of your time (and earnings). But the tax moves you make in the coming weeks could save you a substantial amount of money -- money you can't afford to give up. Here are a few critical items to check off your list before 2019 winds down.
Funding a retirement account like an IRA or 401(k) isn't just a smart thing to do for your golden years; it can also save you money on taxes in the near term. If you contribute to a traditional IRA or 401(k), the amount you put in goes in tax-free, and your associated savings are a function of the tax bracket you fall into. This means that if you put $5,000 into a traditional retirement plan this year, and you're in the 24% tax bracket, that's an instant $1,200 in savings, since the IRS can't tax you on that $5,000.
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Source Fool.com
