Here are some last minute moves to help you reduce your 2013 tax liability.
1-Donate to charity: Charitable donations are always a good way to add additional tax deductions. You can donate cash to your local church, furniture, equipment to Goodwill or Salvation Army or even a car.
2-Pay college tuition early: The American Opportunity Credit gives qualified taxpayers up to $2,500 each year for education credit. To get the full $2,500 you need $4,000 of qualified educational expenses. Consider paying next semesters tuition in December.
3-Classroom expenses: Another deduction due to for extinction at the end of the year is the educator deduction for teachers. You may deduct up to $250 of expenses for classroom supplies & materials.
4- Go green: If you upgrade to an energy-efficient appliance, you may be able to qualify to receive a tax credit for up to $500. This includes stoves, doors, water heaters, and air conditioners.
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