End of Year Tax Deductions
Listen to this interview for some timely End of Year Tax Deductions and strategies. Kim Dodge, Mortgage Consultant with Usher Financial Group interviews Dan O’Leary, Certified Public Accountant and Shareholder with Geffen Mesher. You may be able to make some last minute moves that can result in more tax deductions.
Whether you had a good year or a not-so-good year, the end of the year is a good time to make financial decisions that could equal savings when tax time rolls around in April.
TOP 5 END OF YEAR TAX DEDUCTIONS:
1. Make desired charitable contributions
2. Pre-pay STATE income tax prior to December 31
3. Consider harvesting capital losses to offset capital gains
4. Try and manage adjusted gross income & taxable income levels
5. Look at required IRA distributions to catch up on withholdings
And Dan adds one more bonus item on the list:
6. Consider gifts to utilize your annual $14,000 per person contribution
Dan and Kim go through each of the items above in detail. “Every individual situation is different, so you need to figure out the unique aspects of every client and that means different planning ideas for each client” say Dan.
If you bought or sold real estate during the year, this interview also addresses the important documentation you will need when you are gathering information for your tax return. The HUD 1 Document from the Title Company outlines the information from the sale of the property. For example, what your property sold for and the original price that you paid for the property.
Listen to Dan and Kim to help you get organized with your year-end tax documentation and deductions.
End of Year Tax Deductions with Dan O’Leary