5 Major Changes Lawmakers Made to Your Taxes

December is here, which can mean only one of three things: It's time to buy gifts; it's time to stuff our bellies full of home-cooked food; and it's time to start thinking about your taxes!

Although tax time comes around but once a year, it's really a year-round effort on your part to dot your I's and cross your T's. Having a full understanding of your wages and investments, and keeping all pertinent paperwork organized, can make a big difference come April 15. December is also your last chance to make a number of key moves before it's too late, such as adding to your 401(k) or tax-loss harvesting to potentially reduce your capital gains or a portion of your wages.

Then again, the end of the year is also the time when Congress and the IRS lay out what tax code changes have been made for the year. Since 2001, Congress has enacted about 5,000 tax code changes to the nearly 4 million words that comprise the U.S. tax system. For you novel lovers out there, this works out to more than 60 books! It's no wonder most taxpayers wind up running for cover around tax time. 

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