Eight Tax-Planning Tips for the End of the Year

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Tax time will soon be here. The good news is that there still is time to reduce your taxes this year. Making changes now can help you get more tax deductions on your upcoming 1040 taxes.

Getting the biggest IRS refund means you need to have a lot of receipts for any tax deductions you want to claim. If you have not already done so, look at the various types of tax deductions available in your situation. Here are eight options you may want to consider.

1. Contribute to a Retirement Account

One of the best ways to reduce your taxes is to contribute to a retirement account. Some of these accounts allow you to deduct your contribution from your total income (pretax), and others require you to pay taxes on the money contributed.