3 Tax Tips you can still do before '08 ends! (they're very sexy)
I got an email the other day from a Turbo Tax person (this is *not* a sponsored/paid article btw), and it had some pretty good tax tips up in thurrr. I figured i'd share them w/ you considering a) we only have a few weeks left in the year, and b) i'm too stuffed/tired to post anything original today ;) Plus i'm on Holiday, - woohoo!
So here are the 3 Tax Tips, interspersed w/ some personal commenting by yours truly:
1. Sell losing investments.
Taking a loss this year may help taxpayers offset tax from other gains or income, but that loss is limited to $3,000. Any amount in excess of that must be carried over to their 2009 tax return. I think this is a great idea, if this pertains to you of course - all my stocks/mutual funds/etc are either in my 401k, or Roth IRA so no luck for me in this department.
2. Donate to Charity.
Donating clothes, toys, household goods and other items to charity before Dec. 31 may help taxpayers who itemize claim bigger refunds while helping someone else. Using software like TurboTax helps taxpayers accurately value donations in accordance with IRS guidelines so there’s no need to guess at an item’s fair market value. Done, and done! Actually took my last batch over to The Salvation Army last Saturday :) Not only do you get the tax write off, but you clean up your place AND feel good at the same time! Not a bad deal my friends...
3. Prepay some bills.
Taxpayers can prepay a few of their 2009 bills in 2008, and get to write them off on this year’s tax return. This includes mortgage payments and predictable medical expenses, like braces for the kids. I never thought of this one! Unfort. my budget is pretty packed in, so unless i get a mad bonus this Xmas (ya never know), I'll have to skip on this one.
All GOOD things to know, eh?! Now, if you'll excuse me, i'm off to eat some more leftovers....and/or continue shopping on this black Friday...but only for Xmas gifts -can't be slurging these days ;)
So here are the 3 Tax Tips, interspersed w/ some personal commenting by yours truly:
1. Sell losing investments.
Taking a loss this year may help taxpayers offset tax from other gains or income, but that loss is limited to $3,000. Any amount in excess of that must be carried over to their 2009 tax return. I think this is a great idea, if this pertains to you of course - all my stocks/mutual funds/etc are either in my 401k, or Roth IRA so no luck for me in this department.
2. Donate to Charity.
Donating clothes, toys, household goods and other items to charity before Dec. 31 may help taxpayers who itemize claim bigger refunds while helping someone else. Using software like TurboTax helps taxpayers accurately value donations in accordance with IRS guidelines so there’s no need to guess at an item’s fair market value. Done, and done! Actually took my last batch over to The Salvation Army last Saturday :) Not only do you get the tax write off, but you clean up your place AND feel good at the same time! Not a bad deal my friends...
3. Prepay some bills.
Taxpayers can prepay a few of their 2009 bills in 2008, and get to write them off on this year’s tax return. This includes mortgage payments and predictable medical expenses, like braces for the kids. I never thought of this one! Unfort. my budget is pretty packed in, so unless i get a mad bonus this Xmas (ya never know), I'll have to skip on this one.
All GOOD things to know, eh?! Now, if you'll excuse me, i'm off to eat some more leftovers....and/or continue shopping on this black Friday...but only for Xmas gifts -can't be slurging these days ;)
Labels: charity, one of my lists, saving, taxes
posted by J. Money at
8:25 AM
4 Comments:
How about maximizing retirement contributions? Workplace savings plan may allow for catch-up contributions in December, you can reduce your taxable income by contributing as much to the plan as is permitted.
Those are great tips. I'm Canadian so I'll have to look into whether these are relevant to me, but I sure hope so! Thanks!
I've got some items for charities all bagged up and in my car right now. Guess where I'll be stopping by on lunch hours?
@PennyScraper - no doubt, esp. good for those 401k'ers out there ;) you know how much i love those!
@Saver Queen - I love your Canada! Don't know much about the tax stuff, but you guys sure like commenting :) i'll have to take another trip up there soon, it's def. been a while.
@Dawn - wow, good for you! esp. with going on your lunch break, that's pretty smooth.
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