End of Year Tax Prep for 2013 Rewards

As 2012 rolls to an end, no one wants to think about the inevitable (and sometimes feared) date of April 15 being just a few months away. However, tax day is not a date that any American can get away from, and the Equifax Finance Blog has a few reasons for why you should start thinking about taxes while it’s still 2012.

If you want to get the most out of your tax deductions in the New Year it is helpful to go ahead and begin sorting through your taxes in order to get prepared. Want more tax deductions? Go ahead and do a little ‘winter cleaning’ before the spring and find items to donate to a local charity. If it’s been awhile since you cleaned out your closet, make a point to clean it out before the New Year, so clothing and other items can be donated with a 2012 date on them. Be sure to make a detailed list of what you donate, even taking pictures if possible, as all of these items will be tax deductible in 2013 when you begin itemizing your tax deductions for 2012.

Another tip from Equifax is to pay your January 2013 mortgage payment in late December 2012 (just make sure it posts in December and is not too late). This will help your credit get a higher interest deduction for your January payment & will help with your deductions as well. However, if you start paying a month ahead one year, you’ll need to continue; otherwise the next tax year will only show 11 months of a mortgage payment for the year, not the full 12 months.

For more tax checks to review in 2012, please read this article, “Four Tax Checks to Perform Before the End of the Year” on the Equifax Finance Blog today. Then check out the other great blogs about kinds of identity theft, ID protection, credit reports and much more!