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2010 End of the Year Tax Tips that can save you big money in the 2011 tax season. | Business

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2010 End of the Year Tax Tips that can save you big money in the 2011 tax season.
Business
  • Homeowners can make their January mortgage payment in December giving them one more month of interest to deduct.

 

  • Donations made to qualified charities before year’s end can result in some serious tax savings. Be sure to use a credit card because if you write a check it may not clear until next year and then you would have to wait until next year to take the deduction.

 

  • Holiday business gift deductions: If you have sent out holiday cards, business pens, calendars or other gift items to clients or potential clients. You can deduct those expenses up to $25.00 as long as the items are for a business purpose.

 

  • Contribute to a college savings plan. Save for your kids and save on your taxes. You can contribute up to $13,000 in 2010.

 

With taxes you don’t know until you ask.  You may be able to save more than you think just by making a few simple changes or by paying for expenses in December instead of waiting until January, Feb or March. Just a little bit of planning that can make your tax bill a lot more bearable.

 

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