Time running out for tax breaks

With year’s end only a day away, one tax expert says Iowans might consider making a few last-minute financial moves that could save them money come April 15th. Jeff Strawhacker, a West Des Moines certified public accountant, has a few suggestions. Review your tax situation and consider the many deductions you could make before year-end, like contributions to charity, be that cash, clothing, vehicles or whatever. Strawhacker says Iowans who hold stock should comb through their portfolios to see if some losers should be weeded out. Look at investment holdings and see if there are any poorly-performing stocks that have gone through some bad times. If they’re now worth less than you paid for them originally, dump them and take the loss as a tax deduction.