Hi friends, thanks for downloading the Money Girl Podcast. I'm Laura Adams.

The end of the year is a busy time with holiday preparations and celebrations.

December 31st is also an important deadline for your personal finances because it marks the end of the tax year.

Before you ring in the new year, follow these five quick and dirty tips to save money on your taxes.

Tip number one, make a charitable. to save money on your taxes.

Tip number one, make a charitable donation.

When you make a donation to charity, you may also be eligible for a tax deduction.

That's a winning combination in my book. Consider making a

charitable donation as an alternative to giving gifts during the holidays. To make

your charitable donation tax deductible, you have to donate cash, write a check, or make a credit card charge to a qualified organization before the end of the year and itemized deductions on your tax return.

I want to make sure you understand how itemizing works because it can save you a bundle.

Every year you can

a bundle every year you can claim either a standard deduction for your tax filing status

or you can list out your deductions on Schedule A of IRS Form 1040.

For example, the standard deduction A of IRS Form 1040.

For example, the standard deduction for a single taxpayer is $5,800 for 2011.

So if you're single and spent more than $5,800 during the year on certain types of deductible

expenses like charitable contributions, mortgage interest, and a percentage of your medical

care, then you'll come out ahead by itemizing.

Most people take the easy route and just claim the standard deduction each year,

but guess what? Many of them end up paying more tax than they should.

So be sure to keep good records of your deductible expenses throughout the year

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