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Pay your January 2009 mortgage payment by December 31,
2008, if possible. This will increase your mortgage
deduction.
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Pay your real estate property taxes by December 31,
2008, even if they are not due until January 2009. Real
estate taxes are only deductible in the year paid.
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Make your charitable contributions before year-end, and
make sure you get a receipt – a cancelled check isn’t
necessarily enough. Non-cash contributions such as
clothes or household goods must be in good condition to
qualify for a deduction. If a single non-cash item has a
value of $500 or more, an appraisal is now required.
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If you are self-employed, delay some of your billing
until January 2009.
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If you intend to make a deductible contribution to an
IRA and are eligible to do so (see your tax return
preparer), you must have the plan set up and funded
before April 15, 2009.
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Health insurance premiums for a self-employed individual
should be made by December 31, 2008.
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Be sure all other deductible expenses are paid by
December 31, 2008.
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If you have any capital gain income and have some stock
that would be sold at a loss, you might want to think
about selling it before year-end to offset the capital
gains. Be sure to
give your broker enough time to get a trade date before
December 31.
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 Global, 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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