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For those planning to open an individual 401 K account
for 2010, it must be opened by December 31, 2010. See
your financial planner or investment company, or
contact your accountant for details.
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Be sure to pay all tax-deductible bills by December 31.
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Remember, property tax is deductible in the year you
pay it.
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If you have a flex spending plan through a plan offered
by your employer, you need to use it up. Make doctor
appointments now, and buy necessary medical supplies
that are covered in the plan.
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Pay your January mortgage payment in December; you’ll
get an extra month’s interest deduction.
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Make your estimated tax payment for 2010 state income
tax in December so you can deduct it in 2010.
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The self-employed and business owners should be sure to
stock up on needed supplies and equipment before
December 31.
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Feeling charitable? Make your contributions before the
end of the year.
More to come…
Joe
Learn more about
Joe DePetris, Jr., and IBO tax return preparation
and tax issues at
IBO Bookkeeping 101.
Find more
Tax Tips for IBOs from Joe DePetris, Jr., CPA.
This article is provided as an
educational resource for your guidance, and is
strictly informational. It does not constitute
legal, accounting, or other professional
counsel. Nothing included herein implies a
recommendation by the author, the
IBOA International, or
Amway North America, of any course or method of
regulatory compliance. Readers and users who
intend to take, or refrain from taking, any
action based on information contained herein
should first consult with their qualified tax
advisor, preferably a C.P.A., or appropriate
regulatory authorities.
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