Do these 5 things by Dec. 31 to cut your tax bill

Do these 5 things by Dec. 31 to cut your tax billDo these 5 things by Dec. 31 to cut your tax billIt may seem too early to start thinking about your tax return, but procrastination could cost you thousands of dollars.Here are a few simple maneuvers that could save you a bundle on your taxes - if you make them by Dec. 31.1. Move money into a 401(k)Traditional 401(k)s can shield a decent chunk of your income from taxes. In 2018, you can funnel up to $18,500 ($24,500 if youre 50 or older) of your pay into one and avoid paying taxes on that money until you withdraw the funds. If your employer offers a match on contributions, youll get free money to boot, and those matching dollars are on top of the $18,500 limit.If you dont have access to a 401(k), you may still be in luck - you may be able to shield up to $5,500 from taxes ($6,500 if youre 50 or older) byputting the money into a traditional IRA. If you qualify, the size of the tax deduction depends on your income and whether you or yo ur spouse are covered by a retirement plan at work. Bonus You have until April 15, 2019, to move money into an IRA and still make it count as a 2018 contribution. (And yes, its possible to contribute to a 401(k) and a traditional IRA in the same year.)2. Bunch your charitable donationsItemizing on your taxes generally only pays off when your itemized deductions add up to more than the standard deduction (and withthe new tax rules for 2018, the standard deduction is much higher $12,000 for single filers, $18,000 for heads of household and $24,000 for joint filers). Thats why charitable donations and other itemized deductions might not get you much of a tax break if theyre so small that you just end up taking the standard deduction instead. Its no reason to stop giving, but you may want to tinker with the timing.Donating one big amount instead of a series of small amounts could change the tax game, says Kerry Garner, a CPA at Patterson Hardee Ballentine in Franklin, Tennessee. A marr ied couple might not score a tax break from a $15,000 annual donation, for example, but bunching the donations into a $30,000 gift every other year could, he notes.3. Sell the losersIf you made money on the sale of investments in 2018,you might have some capital gains tax to pay in April. But you might be able to offset some of those gains with losses.If youve got an event that generates a significant capital gain during 2018 - maybe that happened earlier in 2018 or sometime throughout the year - to the extent that youve got investment holdings that are sitting at a loss position, it makes sense to liquidate those losses during the year to offset capital gains, explains Nicholas Shires, a CPA and tax partner at Dannible McKee in Syracuse, New York. If your losses exceed your gains, you may be able to deduct the difference on your tax return, up to $3,000 per year ($1,500 for those married filing separately).4. Make a decision on that divorceIf youre still negotiating with your so on-to-be ex and expect to pay or receive alimony, keep an eye on the calendar. In general, for divorces finalized after Dec. 31, alimony payers will no longer be able to deduct their payments, and alimony recipients will no longer have to include that money as taxable income. If youre the one thats going to be paying the alimony, you would want it to be finalized prior to December 31, 2018, Shires says.5. Meet your tax preparerThe sooner your tax preparer has an idea of how your year is shaping up, the sooner he or she can find you more ways to save. Thats especially true for people who are self-employed or have unusual sources of income, Garner notes. I try to do it the first week of December, so it still leaves them plenty of time to actually get things done, he says.This article was written by NerdWallet and was originally published by The Associated Press.

Heres How to Write a Killer Resume Summary (Video)

Heres How to Write a Killer Resume Summary (Video) Heres How to Write a Killer Resume Summary (Video) A well written resume summary is vital. Recruiters are busy and make very quick decisions on each resume they see, and the content in the top third of your resume makes all the difference. Heres a short tutorial on how to write a powerful summary one that will grab attention, get you noticed and ensure you are invited to interviews.

8 Benefits of Decluttering Your Workspace

8 Benefits of Decluttering Your Workspace8 Benefits of Decluttering Your WorkspaceClutter everywhere might seem like a joke sometimes, but it can actually have a detrimental effect on your productivity at work.An organized workspace is more than just a pretty area it can have effects that benefit you on a psychological level, too. In other words, learning how to organize your desk office or cubicle at work can lead you to results that make you feel good.1. Improved impressionsIf your boss constantly sees clutter in your workplace, he or she might look upon you unfavorably. Bosses or managers might think that you dont care about the job. Also, they may worry about the impression your desk will give to customers, clients, or businesses with whom they are trying to build relationships. When individuals with power in a company feel good about your presence there, you can feel more motivated yourself.2. Improved comfortabilityChances are that youve tried to put an important file on your d esk at some point but couldnt find a space to put it on the cluttered workstation that seems to be shrinking around you. You may start to feel closed in at your office desk. Keeping your workspace tidy can help make you more comfortable at work. A more open space and a more comfortable environment can lead to greater productivity. Consider how hard it is to complete a task when youre physically uncomfortable and then apply it to this situation.3. Boosted confidenceA cluttered desk also probably means that you have lost items at some point. Maybe your manager came by to ask for an important file. When you went to look for it, the item welches nowhere in sight. Even if you did eventually recover the file, you probably didnt look too good in front of your manager. When you can easily produce needed materials and dont have to shuffle around your desk looking for them, you can feel more confident in your work. Knowing that youre giving a better impression to your managers can boost your confidence even more.4. Improved immunityIf it has been awhile since your desk had a professional cleaning, you might have germs lingering on the surface from the sick coworker who stopped by. If youre constantly noticing that you arent feeling well, you might want to blame other people in your office. However, it might be your desk that is causing the weakness to your immune system. Clear up the clutter and give your desk a wipe down with some disinfectant.5. AccomplishmentWhen life is moving along slowly at work, you may feel as though you arent contributing anything to the environment or that you have stopped reaching milestones. While the ultimate goal is to feel fulfilled in your career, you can also look to smaller accomplishments along the way. When you take the time to declutter your desk, you can feel good about checking an item off from your to-do list. Instead of looking at another project that hasnt been completed, you can know that you achieved a small win.6. Dealing wi th procrastinationOne of the reasons for delaying the organization of a cluttered desk might be that you are a procrastinator. When you see a task that appears overwhelming, you tend to push it off. Unless you are required by your office to clean and declutter your desk, it might never get done. However, learning how to avoid procrastination without being forced to do so is important. Procrastination can have some benefits, especially for those individuals who work well under pressure, but it can also mean that you dont get anything done.7. Building time management skillsClearing your clutter might seem like a daunting task that will take a lot from your workday. Depending upon how bad the situation is, resolving it could take some time. However, that doesnt mean you need to complete the project in one sitting or even in one day. Instead of attempting to do that, make a plan. You can allocate a certain amount of time each day to work on the decluttering process. This strategy will h elp to teach you better time-management skills, which can then be applied to your work in general.8. Developing creativityHaving clutter around you might stifle your creativity. For example, you may look to the environment around you only to find that you have no inspiration. You may lack access to the tools that you need to sharpen your creativity or to finish your project because you cant find them.Taking the time to declutter your desk can change your day to day work life. A clear workspace can alter the way that you perceive yourself and encourage you to be more productive at work.This article was originally published on BossedUp.org.