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Tuesday, December 9, 2008

About Taxes: Boosting Deductions at the End of the Year

About.com    Taxes
In the Spotlight | More Topics |
  from William Perez
The end of the year presents an opportunity to review your finances and make any final financial moves that can help you save on your taxes. One basic strategy is to tally up your itemized deductions and compare them to the standard deduction amounts for 2008.

 
In the Spotlight
Itemized Deductions
If your itemized deduction figure is just under your standard deduction, you might consider boosting your deductions so you'll be able to itemize. You can boost your itemized deductions by donating to charity, or stocking up on prescription medicines, or prepaying your property taxes.

 
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Alternative Minimum Tax
You'll first want to figure out if you will be subject to the AMT for 2008 before boosting any itemized deductions. That's because the AMT system reduces or eliminates many itemized deductions, especially for state and local taxes such as property taxes and for miscellaneous deductions such as out-of-pocket job expenses. For people in the AMT zone, it's often better to defer those deductions.

 
Consider Buying Tax Software This Year
I've seen some pretty good deals in my email for purchasing top-rated tax preparation programs before the end of the year. The benefit here is that you'll be able to use the software now to help you get organized and review your finances, plus you'll possibly have an extra deduction for tax prep fees this year.

 
 
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