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As the year winds down and we start getting cozy with sweaters and hot cocoa, it's also time to talk about end-of-year tax prep. We know tax prep can be a snooze, but by planning ahead and making some moves now, you can save big time when it comes to filing.

Tax Tips: Act Now - Save Later!

1. Tax-Efficient Investing

Review your portfolio and consider strategies to minimize capital gains tax, such as tax-loss harvesting.

2. Use It or Lose It

If you have a flexible spending account (FSA) or health savings account (HSA), consider using the funds you've set aside for eligible expenses before they expire. Some plans may have a grace period or rollover, so check with your plan administrator.

3. Give More, Save More

In addition to spreading more cheer this holiday season, charitable donations are great deductions! You can write-off these donations if you itemize your deductions on your return.

4. Review Your Withholdings

Check in on your paycheck to ensure you're having the correct amount of taxes withheld. You don't want to end up with a big tax bill in April.

5. Max Out Your Retirement 

In addition to reducing your taxable income, maximizing your retirement contributions will help set you up for a more secure future.

6. Consider Making Estimated Payments

If you're self-employed or have significant income from sources that don't have withhold taxes, consider making estimated tax payments to avoid penalties.

Remember, your tax situation is unique. What works for one person might not work for another. If you're not sure how best to tackle your taxes, don’t hesitate to tap a tax professional for help. Cheers to a smooth tax season and a prosperous new year ahead!