With tax season in full swing, some people are scrambling to make last-minute deductions only to find that many of the most important deadlines for doing so have already passed. As frustrating as that may be, it should at least motivate you to begin planning ahead for next year. Here are four moves you can start making now to lower the income taxes you'll pay in 2016.
Slashing your taxable income throughout the year is one of the most tried-and-true methods of lowering your tax bill. Maximizing your 401(k) contributions from now until Dec. 31, the annual cutoff date for getting tax deductions in the following year, is an ideal way of accomplishing this.