A Checklist for Tax Savings Ideas

January 24, 2013
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Today's tax laws are getting so much more complicated that unless your financial situation is extremely simple, the chances are you’ll benefit from having your taxes prepared professionally.  It’s easy to overlook certain investment strategies, deductions and credits to which you might be entitled to.                      

                                     

                                              Checklist for Tax Saving Ideas

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 You might be able to benefit by asking about using a few of the strategies listed below. After all there is no advantage to paying more taxes than are necessary.

 

 

 

 

    Are there any strategies or deductions that might be useful?

 

      

                                         

      

  • Traditional or Roth IRAs (up to $5,500)
  • IRA catch up over 50 (an extra $1,000)
  • Conversion to a Roth IRA
  • Tax-free municipal bond funds
  • Tax deferred investments
  • College Savings accounts
  • Coverdell Education accounts
  • Long-term capital gains
  • Child care credit
  • Child tax credit
  • Earned income credit
  • Annual gifts
  • Donating appreciated assets
  • Bad or Non Collectible debt write-off
  • Home office deduction (new safe harbor provision)
  • SIMPLE  IRA plans
  • SEP plans
  • 401(k) plans
  • Solo 401(k) plans
  • First year expensing of business equipment

 

 

Source: IRS.gov

Please contact me if you have questions or want more information on these and other strategies that could possibly reduce your taxes liability either this year or in the future.