Crunch Time! With less than 2 weeks left in the 2009 tax year, its time to take care of those year end moves to help your tax liability. The specific moves you should make will depend on your situation. You can contact me for more information.
In general, if your income is higher in 2009 than you expect it to be in 2010, or you expect minimal change, you’ll want to take advantage of as many tax-reducing strategies as you can in these final 2 weeks. These may include making business purchases before 12/31 and taking advantage of accelerated depreciation opportunites, investing in 529 educational accounts, funding retirement plans, mailing your January mortgage payment before 12/31 or making charitable contributions. If you are expecting a meaningful increase in your income in 2010, you may want to defer some of these tax benefits to next year, especially if you think, as many do, that tax rates will increase in the coming years. Investing in good tax planning can save you money!
Comments
Post has no comments.