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The Right Tax Moves for Employees to Make Before Year-End
Date:11/24/2009

contributions. Now is also the time for employees to review and make appropriate adjustments to their contributions to an employer's 401(k) retirement plan for the remainder of this year--as well as figure a contribution rate for next year. By increasing contributions for the remainder of the year, an employee also may gain additional contributions to the extent the employer matches contributions under the plan.

Adjustments to state withholding. Employees who expect to owe state and local income taxes when filing their returns next year should ask their employers to increase withholding of state and local taxes (or they should make estimated tax payments of state and local taxes) before year-end to pull the deduction of those taxes into 2009.

Adjustments to federal withholding. Employees who face a penalty for underpayment of federal estimated tax may be able to eliminate or reduce it by increasing withholding. "Keep in mind that the Making Work Pay credit, which was enacted earlier this year, automatically lowered tax withholding rates for employees," says Massey. In many cases, the automatic reduction will produce the correct result." On the other hand, employers who hold multiple jobs, employees with working spouses, and employees who can be claimed as a dependent by another taxpayer should review their withholdings to ensure that enough taxes are being withheld.

"Employees who save money with these year-end moves are, in effect, giving themselves an extra raise," says Massey.

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