Now is the optimum time to start considering your to end tax planning. These tax strategies can be placed into effect by the end of the year plus some as late as when the tax return is due. Planning now will save you money and reduce your tax responsibility not only with your IRS fees but also with your state taxes.
Here are tax tips that may help you accomplish your goal. Review your capital gains and losses for the year including taxable investment accounts and taxable real property sales. If you have net capital gains, you might sell some of your investments that have a loss to offset the gain. New in 2004 taxpayers who itemize deductions can now choose between declaring the state income tax or sales taxes as a deduction.
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- An increase in the demand for money leads to a rise in the rate of interest
- You presently live in a high income tax condition and foresee moving to a lower income tax state
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- Hotel Management occupancy rates enhancing
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The IRS provides optional dining tables for use in identifying this sales taxes deduction if taxes payers don’t keep their receipts over summer and winter. Sales taxes paid on automobiles and motorboats may be added to the table amount up to the general sales tax rate. 250 per 12 months for non-reimbursed expenditures incurred regarding the books, supplies, computer equipment, and supplementary materials found in the classroom. Because of the Working Families Tax Relief Act of 2004 armed forces personnel receiving fight pay can get bigger tax credits in 2004. The brand-new laws matters excludable combat pay as income when figuring the Child Tax Credit.
The taxpayer also has the choice of including or excluding combat pay when figuring the Earned Income Tax Credit. As always, fight pay is excluded from taxable income. INDPLAN for a good example of what you can do to defer income until retirement. As April 15th of 2005 You can open your 2004 IRA as late. You may want to look at a Roth IRA. They aren’t taxes deductible but aren’t taxable when withdrawn at pension also.
Clients always ask me what I want to carry out their taxes. For 90% of the populace, with just a little organization, your taxes preparation doesn’t have to be overwhelming. First, when you get those taxes documents in the mail, have a folder prepared to just drop it in there and forget about it until tax time. Most tax documents are required to be mailed by January 31st so you should have almost anything by the first week of February.
If not, call to keep these things send a duplicate. Next, go through your check book, credit credit card cash, and claims payouts for the basic deductible items. This would include your medical expenses including eye glasses, taxes paid including vehicle registrations, donations, and any employer expenses that were not reimbursed. Day-care expenses Don’t forget, education loan tuition and interest if some of those apply to you.
These are just some tax tips you should consider when thinking about your calendar year end taxes planning. About 12 months end taxes planning This post was intended to provide general information. It does not contain all the guidelines and exceptions that may apply to your situation. It could be my next article just! Dianne Goodman, CPA Specializes in servicing SMALLER BUSINESSES and Individuals. You have permission to reprint what you read just. Use it in your Ezine, at your website or in your newsletter.
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