Tax Tips For The End Of The Year
As we move into the final quarter of 2010, there are some things you should consider as near the years end. Keep in mind that filing your taxes is right around the corner. Rather than wait to get all of your paperwork lined up, take the time now to consider what you will need to file your 2010 taxes. Here are some things you may want to consider:
First, now is the time to get all of your charitable donations in. Many charities will be asking for help, especially around the holiday season. Make sure that when you donate you get the proper paperwork. Whether it is a receipt for household goods or a letter stating the amount of monetary contributions you have made, you will need proof of your charitable giving. Make sure that you know how much you can deduct. Talk to your tax professional for the exact number. This amount will vary depending on earlier contributions and whether you are filing jointly or independently. Donations made by businesses also differ. To avoid tax problems, make sure to consult with a professional.
If you are a student yourself or have a dependent in school, make sure you get student loans nailed down. Know exactly what has been borrowed in anticipation of this statement. You may be qualified to receive interest deductions from federal student loans.
If you’ve taken a new job this year, make sure you have the paperwork and receipts if you had to move more than 50 miles. Even if you don’t itemize, you can still deduct the cost of such a move.
Deductions for home improvements may be deducted. As part of new green initiatives enacted by Congress, certain improvements to make your home more energy efficient can be deducted from your taxes. So if you are considering adding new solar energy mechanisms or adding more energy efficient windows to your property, try doing them before the end of the year.
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