Year-end tax reminders
The clock is ticking on tax moves you might benefit from if you act
before December 31. Here are some year-end reminders.
- If you don't itemize your deductions, you may still deduct 2009 property taxes you pay, up to a $500 limit for singles and $1,000 for couples.
- If your small business doesn't have a pension plan, consider establishing one to get a tax credit of up to $500 in each of the plan's first three years.
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Max out contributions to retirement plans. You can put away $16,500 in a 401(k) plan ($22,000 if you're 50 or older), $11,500 in a SIMPLE ($14,000 for 50 and older), or $5,000 in an IRA ($6,000 for 50 and older).
- Need a new vehicle? Buy before year-end to take a deduction for sales taxes on up to $49,500 of the purchase price. Income limits apply.
- Consider buying equipment for your business to utilize the $250,000 first-year expensing option and 50% bonus depreciation.
- Get your investment records in order so you can make wise year-end sell decisions, either to rebalance your portfolio at the lowest tax cost or to offset gains and losses.
Contact us for a year-end review
of tax-cutting options suited to your specific situation. ©
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