Re: Last minute tax planning

I like to clean out my closets and give the proceeds to Goodwill or
St. Vincent dePaul.  I get clean closets, a good feeling and a tax
deduction all in one!

Frank



Tad Borek <[EMAIL PROTECTED]> wrote in message news:<[EMAIL PROTECTED]>...
> HW "Skip" Weldon wrote:
> > Among my favorites are investment losses in a taxable account
> > (proceeds to another investment), deductible spousal IRA and
> > self-employed retirement plan contributions.
> > 
> > Anyone out there have favorites you'd like to add?
> 
> If you want to reduce this year's income:
> 
> If you're self-employed, get that new computer, furniture, whatever by 
> year-end and make a Section 179 election on your tax return, allowing 
> you to write it all off in a single year instead of depreciating it over 
> some ungodly-long time period.
> 
> If you itemize your deductions, pay the last installment of your state 
> estimated taxes before the end of the year. Do the same if you expect to 
> owe.
> 
> If you are close to the line with miscellaneous itemized deductions 
> (which kick in only when they exceed 2% of AGI) consider hiring a 
> fee-based financial advisor and pay him or her handsomely and promptly!! 
> Or dig up some other 2% item and push it into this year.
> 
> Buy an electric car that qualifies for that 10% credit!
> 
> -Tad