12 Smart Fall Tax Moves

Tax-filing season is months away, but the time to start planning is now.  Until the end of the year, you have time to take steps to significantly cut your tax bill.

Start by evaluating what’s different from last year – did you make more money?  If so, perhaps you may want to donate to charity or buy tax-deductible business equipment by the end of the year.

If you own a small business, had a major life event or face different financial circumstances than you did a year ago, fall is a good time to seek professional advice.  You may be able to take steps to improve your tax situation before the end of the year.

If you don’t currently have an accountant or would like to make a change, this is the best time of year to do so.  

Here are 12 tax issues to tackle before the end of the year:

1.    Catch up on quarterly tax payments

2.    Decide who takes the children or other household members as dependents

3.    If you don't have insurance, apply for an exemption

4.    Check your Affordable Care Act subsidy status

5.    Use the extra money in your flexible spending account

6.    Consider whether to accelerate or reduce income

7.    Offset capital gains with losses

8.    Talk to your accountant

9.    Add to your retirement contributions

10. Don't forget state and local tax obligations

11. Make sure you're treating your part-time business as a business

12. Give to charity

For more expansive information on these tips, please visit www.finance.yahoo.com.