Year-end tips could prove profitable.
Position | Income Tax |
The Nassau County Chapter of the New York State Society of Certified Public Accountants recommends these year-end tax tips for consumers:
Be energy conscious. If planning to build an energy-efficient home in the next two years, you can receive up to $2,000 in tax credits. To qualify, add energy-saving windows, doors, special insulation materials, and the like. If you already own your home, you can collect up to $500 in tax credits if the upgrade happens within the next two years.
Review income and deductions. The most fundamental year-end tax move is to adjust the timing of income and deductions. If your income is high, putting off receiving more income at the end of the year can save taxes. For example, if you are close to the line on itemized deductions, accelerating payment of deductible expenses such as job hunting costs or professional dues might save taxes.
Postpone income. If you are one of the lucky ones in line for a bonus, see if your employer will hold off writing the check until January. If you own a cash-basis business, you can time receipt of income by waiting until close to the end of the year to send your December billings. You cannot defer taxes simply by not putting the check in the bank.
Fund your retirement. Contribute to a deductible Individual Retirement Account (IRA) if you qualify. You have until April 15 to open an IRA and make a deductible contribution for the prior year. If you have a 401(k) plan at work, make as large a contribution as is allowed.
Pay deductible expenses before Dec. 31. Paying your state income tax estimate before the end of the year accelerates your Federal deduction. You also can pay property taxes early, make an extra mortgage payment (the interest portion is deductible), pay your tax preparer for your year-end planning meetings, or opt to have dental work or elective surgery.
Do a tax projection. The only way to...
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