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Saving Money On Your Taxes Before December 31st

The new year is only a few days away, and while many people are thinking about celebrating with a champagne toast or fireworks, some say you might want to think about taxes.

If you are watching your money closely, there are some things you should check off your list before the stroke of midnight Friday.

Certified Public Accountant Richard Cox says if you make your January mortgage payment in December you get an extra month of interest deduction, which could be pretty large on someones tax return if they itemize their deductions.

That early payment might not be an option for every taxpayer , but Cox says there are still a few more ways to keep Uncle Sam's hands off your cash. "Another thing to consider is paying property tax before December 31st and again it goes back to what I said about paying expenses before the end of the year."

Charitable contributions can also help when it comes time to file your taxes next year. Cox says, "Charitable contributions made by December 31st you can deduct those in your tax returns. Even if you have any old clothes , appliances or furniture that you can take to the Salvation Army they'll give you a receipt"

Getting organized and ahead could keep an extra dollar in your pocket for a rainy day in 2011.


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