Why wait for January 1? If you own your home, consider making the January mortgage payment or prepaying your property taxes by Dec. 31. Making these extra payments before the year ends will allow you to deduct additional expenses and reduce your tax liability.
Teachers and students
Whether you are a student or teacher, take advantage of specific write-offs before year’s end. Kindergarten through 12th-grade teachers are eligible to deduct up to $250 for supplies purchased for their classrooms.
College students and parents of those in college should take time now to pay college tuition and fees. Currently, the law allows a tax break of up to $4,000 for tuition and fees.
Lastly, if you have equipment needs or bills due for your business, make your purchases and payments now. Keep in mind, the current bonus depreciation tax deduction allows business owners to deduct for equipment purchased and placed into service before the end of the year.
Kemberley Washington is a certified public accountant and professor at Dillard University in New Orleans. Follow her on Twitter.