Volunteer Work

When you work for a charity you can deduct your out of pocket costs like mileage and postage. However,  you can't deduct the value of your time or services.

Spousal Social Security Benefits

The best way to maximize spousal benefits is to have the higher earning spouse wait to age 70 to apply for benefits and have the other spouse apply at say age 66 under their account. The lower earning spouse will get 100% of their benefit assuming full retirement age at 66 and then can switch to receiving 50% of the higher earning spouse when that spouse applies for benefits at age 70 assuming that amount is higher. Your family can then end up  with a max of 150% of the higher earning spouse's benefit. If your spouse dies, you can apply for 100% of their benefit as early as age 60. You can receive benefits based on an ex spouse's record if you are unmarried and were married to the ex spouse for at least 10 years.

Buy that New Truck!

New trucks, vans and SUVs with loaded gross vehicle weight in excess of 6,000 pounds bought for a business can qualify for 100% bonus depreciation based on 100% business use. This bonus depreciation applies to new qualified assets placed in service from September 9, 2010 through December 31, 2011. Note that it expires at the end of this year so act now.

Social Security Benefits

The calculation for social security benefits is based on your highest 35 years of earnings (W-2 wages and self employment income). This is called the primary insurance amount (PIA) and you want it to be as high as possible. If you didn't work for some of those years, you'll have some zeros which will drive the PIA down. To maximize your benefit, you may want to consider working longer to replace some of the lower wage years.