| 5 year-end strategies to save on your 2020 taxes | | |  | WED, NOV 25, 2020 | | | | As this year draws to a close, it's actually the right time to start working on some smart tax moves that will help lower your overall tax bill that comes due on April 15, the day that always creates a great deal of stress for many people.
Since tax deductions and credits are based on actions you take before Dec. 31, it makes sense not to procrastinate and get started now on your taxes. So, don't let the holidays distract you from last-minute opportunities to reduce that 2020 tax bill.
As personal finance reporter Darla Mercado points out, if you're looking to trim your tax bill, you have just over a month to act, and now is the time to strategize. She offers some key year-end strategies to help you save on your 2020 taxes. Additionally, Darla explains that some tax moves are only in play for 2020, thanks to the federal CARES Act, so this is the only chance you'll have to capitalize on them.
The clock is ticking. So put down the eggnog and stop eating those candy canes and start working on your tax-planning strategies.
For more cool stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow.
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