Everyone likes to avoid talk of taxes (and paying them!) but there are a few critical things all taxpayer should do before the end of the year to get their tax houses in order. In addition to make contributions to retirement funds, donating to charity, and paying property taxes, taxpayers should make sure their records are in order.
I appeared on CNBC's personal finance show On the Money this week to talk about some of those critical year-end tax moves that consumers should make:
Congress has passed the largest piece of tax reform legislation in more than three decades. The bill will affect the taxes of most taxpayers, but one key point to keep in mind is that for most people, the bill won't affect your taxes for 2017 (the one you file in 2018).
Every April, many taxpayers wait until the last minute to file their federal income tax returns. Despite this tendency, there are many reasons to file your taxes early. If you will receive a refund, you may want to submit your return as quickly as possible. Additionally, there are benefits to filing early for those taxpayers who have a balance due.