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New Mexico finance firm offers year-end tax tips

Erica Zucco
December 30, 2016 05:26 PM

The clock is ticking for New Mexicans to make financial decisions that will help them save on the taxes they’ll pay in 2017.

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“This is the last time to do it. Do it now, or it's gone,” said Hunter Unschuld, president of Fractal Profile Wealth Management.

There are three moves to make now to help save on taxes.

First, make any charitable donations by the end of December 31st, and get a receipt.

Next, if there is cash available to do so, pay off any college costs or loan interest that is possible.

Finally, make any deductible purchases, because the way itemized deductions will be approached under the new administration is still unknown.

“Anything you can think of to itemize that you normally itemize, if you can move it forward into 2017, do so. Make sure that check is dated that you've done it in 2016 and get it out,” said Unschuld.

Experts suggest to use the new year as a financial reset button and make the best possible choices moving forward.

“If you don't save money, start working on cutting your costs and save some money,” Unschuld said.

You can also get help on taxes from the IRS. Click here for more information.

Credits

Erica Zucco

Copyright 2016 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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