Stretch Your Dollar: Year-end tips to save money come tax time

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(WTNH)– Only a few more days left in 2017 and as much as we’d all like to relax after the busy holiday, there are a few things you should be doing before the New Year to save yourself some money!

We are stretching your dollar with some year-end tax tips.

Before you ring in the New Year, there’s some steps to consider to save yourself money come tax time. Like giving to charity, make sure to get a receipt to back up any contribution, regardless of the amount.

Heritage Capital’s Paul Schatz says with President Trump‘s tax bill passing, you’re also smart to pay your bills early.

“We have state income taxes you need to pay in 2017, as well as your property taxes due in January in 2017, so if you can write it off, you get the write-off immediately in 2017 because in 2018 that deduction gets capped at $10,000,” said schatz.

He also suggests you pay as much as you can on your home equity line of credit because come 2018 the interest on it will no longer be deductible.

And think about your retirement,

“You have until December 31st to make that last 401K contribution. If you get a bonus, you can certainly divert more of that bonus toward your 401K. That’ll help you tax situation going into next year as well,” said Schatz.

And don’t forget to spend down any flexible spending accounts for health care expenses. It’s money that will go away come January first. You can always make a last-minute trip to the drug store, dentist or optometrist to use up the funds in your account.

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