It looks like Republicans will continue to control the U.S. Senate for at least two more years, which means President-Elect Joe Biden probably won’t get to implement his tax plan next year. That also means business as usual when it comes to year-end tax moves. ‘
Financial decisions you make between now and the end of the year can have a significant effect on how much tax you have to pay next April. This is particularly true if you’re saving for retirement, itemize deductions, or hold investments outside a retirement account.
But time is running short. It will be too late to cut your tax bill using most of the tips we’ve assembled below after we ring in the new year. So check out our list right away and get cracking!