Tax planning for this year may relieve some of the pain of next year.
The end is near and with the Holidays approaching you wont want to or be able to do these things with all of the agencies closing for Christmas and New Years
If you have had some losses in the Market, this can be a blessing when it comes to weighing them against your income, thereby reducing your taxes. Capital losses can offset Capital Gains income plus upto $3000 of ordinary income. Our advice is to check with your Tax accountant.
Make sure to make your annual IRA or 401K contributions. This too will lower your taxable income this year
If you are self employed you can start a small business Retirement Account.
Donations are still a deductible item and there are many Organizations that can use your donations for those deserving and unfortuates that we can help with the benefit of the government allowing us a writeoff on our taxes.
We hope this helps you and we wish you a Merry Christmas and Happy Holidays
Marlene Dietrich, Tony & Mike
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