Year End Tax Tips to Save Money

hindkunj.com

CREDIT GETIMAGE

You can reduce your burden by taking care of some things before the end of 2022.

CREDIT GETIMAGE

What can you do to save tax?

CREDIT GETIMAGE

1. If you buy mutual funds, be careful because most of the mutual funds try to give you profit at the end of the year.

CREDIT GETIMAGE

2. Property tax payments are not due till the end of January, but if you pay them by the end of 2022, you can deduct them this year.

CREDIT GETIMAGE

3. If you have investments in taxable accounts that are worth less than you paid, make up your mind to sell them by the end of the year to realize the loss.

CREDIT GETIMAGE

4. If you own a business and use the cash method of accounting, waiting until the end of the year to invoice customers doesn't generate income - and you have to pay taxes.

CREDIT GETIMAGE

The IRS has not yet announced when it will begin accepting tax returns in 2023. The tax deadline would be April 18, 2023.

CREDIT GETIMAGE

Next steps

Year End Tax Tips to Save Money

3

share the story

A

click here for more information