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Last Minute Tax Tips
12/22/08 - 02:25 PM
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Though times are tight around the holidays some last minute investments may pay off big come tax return time.

“People tend to forget that tax time is right around the corner.  There are some moves you can make to limit your tax liability and you really need to think about these things prior to December 31st,” says Maureen Gilley at H & R Block.

Some ideas include making payments on medical expenses and using up any flexible spending accounts you might have thru your employer. 

Donate money to charities but make sure you get and keep a good receipt. 

Contribute to your retirement plan but don’t make any withdrawls from that plan usless you have to. 

Hold off for a few weeks on making energy efficiency improvements to your home.  Gilley says no credits are available for those improvements in 2008 but there will be on your 2009 return. 

If you have a lot of student loans you can deduct the money paid back on the loan during the calendar year.  Even better, payments made on a credit card are accepted as deductions.

And good news for homeowners, if you’ve just been taking a standard credit rather than an itemized deduction, you will be able to take a credit for the real estate taxes you’ve paid.

More good news about those stimulus checks mailed over the summer- they’re not taxable.  “You could receive an additional tax rebate if say you’ve had a baby,” says Gilley.

And for the very dedicated taxpayers Gilley says if you’re due to have a baby around the first of the year and it’s possible to have it sooner, December 31st delivery dates could mean a bigger rebate next year and prizes from H&R Block.

January 15th is National Tax Advice Day.  H&R Block will be set up at the Workforce Center answering questions for taxpayers.  H & R Block is also setting up a kiosk at Tyndall Air Force Base for the first time this coming tax season.