Dec 01 2008
Year End Tax Tips
Thanksgiving has passed, Christmas is on its way and with those holidays come the end of the year. As we all know the end of the year means tax time right around the corner. Some of us don’t make enough to worry about making any final actions that will make any real impact on their tax situation.
For those of us lucky enough to make enough that we have that fortunate headache here are some tips. Turbo Tax listed some end of the year advise and they tell people that one thing to do is to donate. It doesn’t even have to be money, clothes, toys, old furniture anything of value that someone could possibly use can be donated with a tax deduction. Another tip is to sell losing stocks. Keep in mind that only $3,000 can be claimed in any one year so any more than that must be carried over to your 2009 taxes. One more little idea is to pay off some bills a little early. Paying these off early can make them eligible to be written off on this years return.
Tax time is no fun for anybody but trying some of these easy ideas could make things a little more bearable.
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