While it is uncertain whether your taxes will be going up in 2013, there are some simple things you can do to save in 2012 before Monday.
Jeff Sellers, a financial consultant in West Palm Beach, has the following tips to help you save :
-Sell your stocks, bonds or mutual funds outside your IRA if your gain warrants. "If you're contemplating selling a stock or a bond or a mutual fund outside of your IRA, and you're planning on selling it anyway, and you have a large gain, you should probably go ahead and sell it today or by the end of the day Monday. Because you'll be selling it in a lower tax environment then you will possibly on Wednesday," said Sellers.
- Take Losses. Take losses if you need to -- to offset future gains, which would be taxed at a higher rate.
- Donate. Make donations to charities for a tax deduction. Check the IRS website for information about charitable organizations.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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