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November 14, 2011
Cut Your Taxes

Find out how taking certain actions now–like maxing out your 401(k) contributions–can save you big on your income taxes next year.

Transcript

Before the year comes to an end, there are several things you can do that might save you hundreds–or thousands–on your income taxes.

For example, max out your 401(k) contributions to reduce your tax bill. And remember, people with an IRA have until next April 15 to make tax-deductible contributions for this year.

Another tip: If you have health care or dependent care flexible spending accounts, use up the remaining balances. And finally, be sure to pay for any deductions you might want to claim by December 31st. These might include charitable donations, mortgage interest, property tax and medical, business or other expenses.

Bottom line: Make sure you're maximizing any tax advantages available to you before year's end.

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