You still have some time in 2013 to take steps that will beneficially affect your tax return. Here are my top ten.
1. Clean out your closet and basement and make donations to Goodwill. Keep the receipts and a record of items donated. You can value the items using the valuation guide at salvationarmyusa.org.
2. Organize your 2013 tax documents and receipts for deductions in one file folder for the year. Summarize the receipts and fill out the tax organizer.
3. If you have a business on the cash basis, delay mailing bills until late December so that payments won't be received until 2014.
4. Donate appreciated stock to charities.
5. Write a check to your favorite charity.
6. Invest in Georgia muni bonds. The interest is tax free.
7. Sell investments that will generate losses to offset any capital gains plus $3,000.
8. Buy supplies and equipment for your business before yearend.
9. Estimate your volunteer work mileage for the year.
10. Increase your retirement plan contributions to the max.
No comments:
Post a Comment