Smart Year-End Tax Moves (for U.S. members)
This is one of two articles that I felt would be of use to some of our members living in the U.S.:
By LAURA SAUNDERSYear-end tax planning always makes sense, but this year it's especially vital.
Convulsions in the markets and the economy have shifted the ground beneath many taxpayers, and next year may bring major tax changes as lawmakers confront the record deficit.
Bottom line: review your taxes before it's too late. "Too often, I can't do anything for people who come to me in February," says Douglas Stives, an accountant with Curchin Group in Red Bank, N.J.
Click the link to read the full coverage. This article covers some important information and/or changes in the following areas:
- First-Time Home-Buyer Tax Credit (including details on the extension and the allowance for previous homeowners to now qualify for up to a $6500 credit!)
- Unemployment Benefits
- American Opportunity Credit
- New Car Purchases
- Retirement Savings
- Charitable Gifts
- Medical Expenses