April 15 may often steal the spotlight as the iconic tax deadline, but when it comes to sheer volume, December 31 holds the crown for federal income tax cutoffs. It’s a pivotal date because it’s your final chance to snag a host of money-saving tax credits and deductions. Though you might have the opportunity to qualify for these tax breaks the following year, they won’t impact the tax return you’re gearing up to submit in the spring.
