Tax Strategies Before 2010 Is Over

There's just over a month to go in 2010.{} So now's the time to think ahead about filing your taxes.There's a lot you can do from now until the end of the year that will have a big impact on your 2010 tax return.{} Here are a few tax deductions to keep in mind.

  • We'll start with the obvious and well known deductions, like giving and donating.{} If your donation is worth more than $250, get the receipt from the organization you're donating to.
  • If you're a homeowner, consider making your January mortgage payment in December.{} That'll give you one more month of interest to deduct from your 2010 taxes.{} Just check first with your mortgage company to see if an early payment is possible.
  • If you have large and predictable medical bills that need to be paid, consider making all the payments before the year is over, especially if your medical bills are close to going over 7.5% of your adjusted gross income.
  • And while it won't impact your 2010 taxes, don't forget to use up the rest of your Flexible Spending Account money if you're in danger of losing them in the new year.