03 Sep
2010

Income tax season may seem as far away as next summer, but now is a great time to start planning for your income taxes so that you pay less next year:

1) Budget for final donations to your favorite charities. Now is a great time to donate to your charities so that you can save money on your taxes.

2) Visit your accountant or tax preparer. Most tax preparers are less busy at this time of year, so now is a great time to visit to create an income tax strategy for next year.

3) Budget to contribute more to your retirement fund. Find out whether you can get an income tax break if you contribute. In most cases, you can. Contributing to your tax fund can help safeguard your future and can help you save on income taxes!

4) Set aside some money in your emergency fund if you think you may need to add to your taxes this year. That way, you’ll have the money in place and won’t have to pay interest or late fees on taxes owing.