TRICOR
BLOG

May 04, 2018 @ 12:00am

http://tricorinsurance.com/sites/tricorinsurance.com/assets/images/blog-posts/taxpayer-0019.jpg

With just a couple of weeks left to go, now is the time to start thinking about some year-end tax moves you can make. We have some ideas for you to think about before the year is over.


Make an Extra Mortgage Payment

You can typically write off the interest paid in the calendar year, not just on the 12 scheduled payments. So if you make 13 payments this year, you can write off the interest on 13 payments.

Be Generous

You can make a donation to a charitable organization. Make sure you keep good records. Cancelled checks, written letters of acknowledgment or receipts are good to keep a paper trail on your donation, and make sure they have dates on them!

But remember there are some contributions aren’t tax deductible, including gifts made to:

  • Political parties, political campaigns or political action committees
  • Gifts donated to individual people
  • Contributions to labor unions, chambers of commerce or business associations
  • Contributions to for-profit schools and hospitals
  • Contributions to foreign governments

Don’t forget about your Flex Spending Account

These funds are often “use them or lose them”. That means, if you don’t use them by years-end you will lose any money held in that account. Sometimes employers offer a grace-period for a specified amount of funds if you don’t spend by years end. Make sure you know what your employer allows before it’s too late.

About the author:

MANAGE YOUR POLICY FROM YOUR PHONE

Download the TRICOR APP today!
  • MANAGE YOUR VEHICLES
  • PRINT INSURANCE CARDS
  • CHANGE PERSONAL INFO & MORE
  • Download our app at the Google Play StoreDownload our app at the Apple Store
Download the TRICOR APP today!
Agriculture Agriculture General Business Construction Education Transportation Transportation2 Public Entity Manufacturing Non-profit Beer and Wine Health Care Health Care Newspaper Home Life Insurance Health Insurance Auto Insurance Umbrella Insurance Careers Form Contact Contact TRICOR Login Asset 3 Safety Consulting Risk Management Mission Driven Service Driven Pursuit of Excellence Collaborative Approach 401(k) Voluntary Benefits Asset 1 Paid Time Off Proactive Communication Community Minded Local Experts Recreational Vehicle Renters Insurance Condo Insurance Medicare Supplement Moving to a new location Remodeling or adding on to your store or warehouse Attending a tradeshow Having a special event Asset 1 Workers Compensation Small Chevron Med Chevron Large Chevron Small Diamond Medium Diamond Large Diamond Down Triangle Down Triangle Chevron Sliver Small Chevron Sliver Med Chevron Sliver Large Left Triangle 3 to 1 Right Triangle 3 to 1