Personal Finance

10 Moves You Should Make Now to Lower This Year’s Taxes

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If I asked you to list the most common ways people waste money, how would you respond?

You might say, “paying for unused memberships and subscriptions,” or “buying things you don’t really need,” or “letting food go bad.”

These are all common ways of wasting money, and there are plenty more. But one thing that likely wouldn’t appear on your list, but should, is “paying too much in income taxes.”

Every dollar of deductions you qualify for will reduce your federal tax bill by 10 cents to 37 cents, depending on your tax rate. Every tax credit you can claim will lower your bill dollar for dollar.

But here’s the thing with taxes: Come Dec. 31, many of your opportunities to save on your taxes for that year vanish with it. That’s why you should always do a quick review during the last few months of the year to make sure you’re not missing something that could save you hundreds, or even thousands, of dollars.

That’s what this week’s “Money!” podcast is about. We’re going to talk about how to save money next April with a quick review now. And we’re going to do it without making your eyes glaze over.

As usual, my co-host will be financial journalist Miranda Marquit. Listening in and sometimes contributing is producer and novice investor Aaron Freeman.

Sit back, relax and listen to this week’s “Money!” podcast:

Don’t listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They’re awesome for learning stuff and being entertained when you’re in the car, doing chores, jogging or, if you’re like me, riding your bicycle.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!

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