Comments on: Year End Tax Planning and Tips http://moneysmartlife.com/year-end-tax-planning-tips/ Money Tips for a Better Life Fri, 10 Feb 2012 18:59:59 +0000 hourly 1 http://wordpress.org/?v=3.3 By: -> 10 Year End Tax Deductions And Credits That You Can Claim In 2009 | Bible Money Matters http://moneysmartlife.com/year-end-tax-planning-tips/comment-page-1/#comment-169177 -> 10 Year End Tax Deductions And Credits That You Can Claim In 2009 | Bible Money Matters Mon, 28 Dec 2009 12:49:41 +0000 http://moneysmartlife.com/?p=1132#comment-169177 [...] Year End Tax Planning And Tips [...] [...] Year End Tax Planning And Tips [...]

]]> By: Year End Tax Moves | Cash Money Life http://moneysmartlife.com/year-end-tax-planning-tips/comment-page-1/#comment-126239 Year End Tax Moves | Cash Money Life Mon, 22 Dec 2008 10:54:32 +0000 http://moneysmartlife.com/?p=1132#comment-126239 [...] Close out your home by year end. If you are already buying a home, try to close by Dec. 31st. [...] [...] Close out your home by year end. If you are already buying a home, try to close by Dec. 31st. [...]

]]> By: 17 Tips for End of Year Tax Planning http://moneysmartlife.com/year-end-tax-planning-tips/comment-page-1/#comment-125511 17 Tips for End of Year Tax Planning Thu, 18 Dec 2008 14:29:23 +0000 http://moneysmartlife.com/?p=1132#comment-125511 [...] your mortgage and real estate taxes. Even if your payments aren’t due until January, you can pay them in December to deduct in 2008, if you [...] [...] your mortgage and real estate taxes. Even if your payments aren’t due until January, you can pay them in December to deduct in 2008, if you [...]

]]> By: Eric J. Nisall http://moneysmartlife.com/year-end-tax-planning-tips/comment-page-1/#comment-124003 Eric J. Nisall Tue, 09 Dec 2008 18:06:00 +0000 http://moneysmartlife.com/?p=1132#comment-124003 One thing I forgot in my original response that was not mentioned specifically, was to take care of all medical visits and procedures in the current year. By grouping all medical expenses within a calendar year, the chances of reaching the 7.5% of AGI floor is more likely. Also, tuition payments covering periods in the first 3 months of 2009, the expenses can be claimed on the 2008 tax return. For more tips on getting ready for the upcoming tax season, I have listed some tips in my article <a href="http://letsblogmoney.com/2008/12/09/get-a-jumpstart-on-your-2008-tax-return-by-getting-organized-early/" rel="nofollow">Get A Jumpstart On Your 2008 Tax Return By Getting Organized Early</a> One thing I forgot in my original response that was not mentioned specifically, was to take care of all medical visits and procedures in the current year. By grouping all medical expenses within a calendar year, the chances of reaching the 7.5% of AGI floor is more likely.
Also, tuition payments covering periods in the first 3 months of 2009, the expenses can be claimed on the 2008 tax return.

For more tips on getting ready for the upcoming tax season, I have listed some tips in my article Get A Jumpstart On Your 2008 Tax Return By Getting Organized Early

]]> By: Year End Tax Planning and Tips http://moneysmartlife.com/year-end-tax-planning-tips/comment-page-1/#comment-123870 Year End Tax Planning and Tips Mon, 08 Dec 2008 14:39:11 +0000 http://moneysmartlife.com/?p=1132#comment-123870 [...] Random Feed wrote an interesting post today onHere’s a quick excerptYear end tax moves are your last chance to squeeze a little money out of what’s been an expensive year for most of us. With all the upheaval in politics, the economy, financial institutions, and the housing market sometimes it feels like it’s all out of your control. Here are a few things you can still do to lower your tax bill this year. Extra Mortgage Payments Making one extra mortgage payment a year can reduce a 30 year mortgage to a 23 year mortgage. That’s seven years wiped away from you [...] [...] Random Feed wrote an interesting post today onHere’s a quick excerptYear end tax moves are your last chance to squeeze a little money out of what’s been an expensive year for most of us. With all the upheaval in politics, the economy, financial institutions, and the housing market sometimes it feels like it’s all out of your control. Here are a few things you can still do to lower your tax bill this year. Extra Mortgage Payments Making one extra mortgage payment a year can reduce a 30 year mortgage to a 23 year mortgage. That’s seven years wiped away from you [...]

]]> By: Eric J. Nisall http://moneysmartlife.com/year-end-tax-planning-tips/comment-page-1/#comment-123866 Eric J. Nisall Mon, 08 Dec 2008 14:08:30 +0000 http://moneysmartlife.com/?p=1132#comment-123866 With regard to avoiding tax liability on capital gains distributions, it is very important to do your research. For one thing, the fund may have sales fees attached to it if it is ot held for a certain amount of time. Secondly, you have some funds which pay what is called a return on capital which is not taxed at all; it is simply a payment back to fund owners of excess cash in order to be tax-friendly. Lastly, selling may not be a viable option, especially if you have held the fund less than a year, and will have made a net profit on the sale. Another thing that people can do is to sell off some of their losing stocks/funds to help offset any capital gains from sales or distributions, and as a bonus, any losses in excess of gains can be used to offset earned income up to $3,000 per year, thereby further reducing the tax liability. There are a couple of tips to help reduce the amount of taxes paid throughout the year in paychecks which I write about in my article <a href="http://letsblogmoney.com/2008/11/05/dont-wait-for-your-tax-refund-increase-your-take-home-pay-today/" rel="nofollow">Don’t wait for your tax refund, increase your take-home pay today.</a> so that people do not have to give the government an interest-free loan for a year or more. With regard to avoiding tax liability on capital gains distributions, it is very important to do your research. For one thing, the fund may have sales fees attached to it if it is ot held for a certain amount of time. Secondly, you have some funds which pay what is called a return on capital which is not taxed at all; it is simply a payment back to fund owners of excess cash in order to be tax-friendly. Lastly, selling may not be a viable option, especially if you have held the fund less than a year, and will have made a net profit on the sale.

Another thing that people can do is to sell off some of their losing stocks/funds to help offset any capital gains from sales or distributions, and as a bonus, any losses in excess of gains can be used to offset earned income up to $3,000 per year, thereby further reducing the tax liability.

There are a couple of tips to help reduce the amount of taxes paid throughout the year in paychecks which I write about in my article Don’t wait for your tax refund, increase your take-home pay today. so that people do not have to give the government an interest-free loan for a year or more.

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