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However, whether its adjusting contributions or planningdeductions, small, year-end actions can lead to bigger rewards later.
Here are five things you could still do now to minimize your 2025 tax bill.
Also seefive money moves wealthy people make before the start of any new year.
Reviewing your tax picture throughout the year can help avoid any surprises in April.
Review paystubs for income and withholding and compare them with the previous years.
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Many taxpayers can find tax deductions in their everyday environment.
Fully fund your IRA, Roth IRA and 401(k), Jerry said.
Its the best way to reduce taxes.
Once this is set up, dont touch it, Jerry said.
Give Generously
Dont forget about donations and charitable giving.
Total all of your charitable giving, especially if you dropped clothes off at Goodwill, Jerry said.
Take a percentage of the original cost as a tax deduction.
Many people also write checks or make charitable gifts by credit card.
Those taxpayers could consider using qualified charitable deductions.
Doing so allows taxpayers over the age of 70 1/2 to direct funds from their IRA to a charity.
For married taxpayers under the age of 65, the standard deduction in 2024 is $29,200.
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