With the end of the year just around the corner, last minute tax savings plans can reduce what you will end up owing. Checking how much you are withholding can help you save money now and in the future. While the more you have withheld means the more you get back, you’re also giving the government an interest-free loan in the process. If you don’t let them withhold enough, you end up owing the IRS at the end of the year, meaning balance is key. Adding more to your retirement plans lowers your taxable income. Prepaying your child’s college tuition can get you a break.