Accountant Offers End-of-Year Tax Tips - 8 News NOW

Accountant Offers End-of-Year Tax Tips

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LAS VEGAS - The Internal Revenue Service says the clock is ticking for you to take steps to reduce your 2013 income tax burden.

If you plan to make charitable donations, they won't be counted as deductions for 2013 unless you make them before January 1st.

Certified public accountant Fraser Inouye says people can take this and other steps to reduce their tax expenses and increase their chances of a refund.

"Try to accelerate any tax deductible expenses, such as medical expenses, property taxes, mortgage interest payments if you can make your mortgage payment before the end of the year, charitable donations, and college tuition," he said.

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Inouye also recommends people max out or direct as many funds as possible to their 401K accounts. That income will be sheltered from income taxes.

If you know an employer is planning to give you a bonus, consider asking them to wait until January. That way, the bonus will not be taxed until next year.

Remember each individual's situation can be different, so some tax tips may work better than others. Inouye recommends sitting with an accountant before the end of every year and keeping detailed records.

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