Last-Minute Tips To Lighten Your Tax Bill For 2014
Podcast
CHICAGO (CBS) -- With less than two days until 2015, there are still a couple ways you could maximize your deductions, and ease your income tax bill for 2014.
Certified public accountant Linda Forman said you can do some early spring cleaning, and gather unwanted clothes and furniture to donate to charity. Be fair in how you value items, because the Internal Revenue Service can be picky.
"There's actually apps to get value for them on the web, and also just take a walk through the thrift store once you're donating them, and see what the prices are," she said.
Contributions to a qualified 529 college savings account also will win you some tax breaks.
If you're lucky enough to get a bonus on your salary, you can max out your 401(k) contributions.
If you think you're earning more income in 2014 than 2015, you can pay more towards your mortgage and property taxes for next year now, to lighten your upcoming tax bill.
