10 Smart Year-End Tax Moves You Need to Know About

The end of the year is the best time for tax planning, so here are some things you should consider.

Matthew Frankel, CFP
Matthew Frankel, CFP
Dec 14, 2015 at 7:22AM
Investment Planning

Image source: www.efile.com via Flickr.

2015 is rapidly coming to an end, and with the holiday season upon us, your taxes may be the farthest thing from your mind. After all, you have until April 15 to get your taxes done, so why should you think about them right now?

Actually, the end of the year is the best time of the year to do some tax planning. There are several moves you can make right now that can result in a bigger tax refund, protect your identity, set yourself up for next year, and even reduce the eventual tax burden on your heirs.

For example, did you know that by cutting your losses on investments that didn't go your way in 2015, you could get a tax deduction of up to $3,000? Or, did you realize that if you choose to pay January's mortgage payment before the end of December, you can boost your mortgage interest deduction?

With that in mind, here are 10 things you should consider doing right now if they apply to you and your family.