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Yes, it’s that time of the year when you should be making tax moves, before the Dec. 31 deadline. Why bother? Because the things you do now could save you lots of money when you file your tax return on April 15.

For instance, making a last minute tax move like donating to charity before the end of the year could increase your total deductions and mean the difference between taking a standard deduction or itemizing your deductions. That improves the chances that you’ll save on your tax bill, said TurboTax tax expert Lisa Lewis.

There are some new things on your year-end tax to do list, including new rules regarding flexible spending accounts and deductions for medical care expenses.

So set aside that Christmas gift list and take note:

Amp up your retirement plan: “Contribute the maximum to you 401(k) or 403(b) retirement plans,” said Vincent Cervone, the owner and principal of VRC and Associates, a Brooklyn-based tax and accounting firm. You can contribute up to $17,500 – the limit is $23,000 if you are 50 or older.

Give, give, give. We’re not just talking dollars. You can donate clothes, household goods or furniture to qualified charitable organizations. If you donate something valued at more than $250, you’ll need a written record. If the item you donate has a value that exceeds $5,000, an appraisal is required.

Go to the doctor. Now’s a good time to get moving, especially if you expect to be earning more next year.

Starting this past January, the threshold for claiming deductions for medical expenses not covered by health insurance was raised. Your medical expenses must now exceed 10% of your adjusted gross income to qualify for this deduction, up from 7.5%. (If you are 65 or older, the threshold remains at 7.5%.)

Read more at BMS

Do THIS Before Dec 31st and Save Big Come Tax Time!  was originally published on wzakcleveland.com