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Do these 5 things by Dec. 31 to cut your tax bill

Source: seattletimes.com - Nov 29, 2018

It may seem too early to start thinking about your tax return, but procrastination could cost you thousands of dollars. Here are a few simple maneuvers that could save you a bundle on your taxes — if you make them by Dec. 31.

1. MOVE MONEY INTO A 401(K)

Traditional 401(k)s can shield a decent chunk of your income from taxes. In 2018, you can funnel up to $18,500 ($24,500 if you’re 50 or older) of your pay into one and avoid paying taxes on that money until you withdraw the funds. If your employer offers a match on contributions, you’ll get free money to boot, and those matching dollars are on top of the $18,500 limit.

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Category: General Business