Earlier this year, NerdWallet surveyed Americans and found that the average adult gets a 50%, a failing grade, on personal finance questions related to income tax. Sure the tax code is convoluted and April seems so far away, but consumers should seek out expert advice and learn as much as they can about tax basics and how financial products and decisions impact liability. With 2016 just around the corner, don't forget that there is still time to make some smart moves that will help you come tax time next year.
Here are 10 simple year-end income tax tips to help you organize your finances and set yourself up for the New Year:
Whether you take one of these steps or all of them, the most important thing you can do now is plan. Plenty of questions can accompany tax season, given the complex factors at work. Taking time to understand your financial situation, tax liability and any federal or state changes can help simplify the process and ensure you meet the April deadline. After all, it's not so far off.
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