Article by:
Medora Lee
Tax season officially starts early next year, but there are a lot of tax-saving steps that must be taken by Dec. 31.
Some of the most lucrative ones come courtesy of the Inflation Reduction Act, which offers beefed-up tax credits to upgrade the energy efficiency of your home and for car buyers to electrify their vehicles. Other ones include the usual deductions for charitable donations, 401(k) funding, and securities losses. If you’re a senior, you’ll also need to know the required minimum distribution (RMD) rules, which changed with Secure Act 2.0, or face steep penalties. Read the full article...
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