End of the Year Tax Checks – Save For 2013

To most people, the only thing worse than thinking about ID theft protection is thinking about taxes. It is just one of those financial headaches most of us try to forget until ‘tax season’ is upon us. However, the experts at the Equifax Finance Blog want you to start thinking about you taxes before 2012 is over, because they claim it can really help you out in the New Year.

In their recent article, “Four Tax Checks to Perform Before the End of the Year,” those with financial expertise agree that a few end of the year tax checks can really help out in 2013 when it is time to do your taxes.

First, they recommend paying all of your outstanding and upcoming medical expenses. If you can manage to pay your medical bills down to 7.5 percent in 2012 you will be able to deduct them on your upcoming taxes. However, this percentage will change to 10 percent in 2013, so it’s better to pay some of these bills down now, if possible.

Another great tip offers to maximize your tax deductions, a great thing for anyone to do! This can be accomplished by paying your 2013 installment of your property taxes in December, because then you can use it as a 2012 tax deduction. If you can pay your 2013 vehicle registration renewals and your January estimated state taxes installment in December as well, go for it! All of these items can make a difference in your tax deductions right away in 2013.

This excellent article by the Equifax Finance Blog offers even more end of the year tax checks to go through, so visit the blog at blog.equifax.com to read more about this, ID protection, identity theft information and other helpful financial advice.