Year end tax saving tips

Year-end tax savings tips

We all want to save in taxes and there are few suggestions:

• Pay the 2013 property taxes due in December 2012.
• Take advantage of all Tax Provisions that expire by year-end this year instead of next year.
• Realize capital gains by year end.
• Bunch all medical deductions, if you can, in one year.
• Selling capital assets this year.
• Etc...

Why this can be beneficial?

It will all depend on your income, the new tax changes, and the expiring provisions coming into next year.  They are talks about a raise in the tax rates, expiration and elimination of some tax provisions, and higher income thresholds. Everything is on the table for congress next month and there is speculation of a compromise.

Hire an Accountant or a Tax Attorney to see how these could impact your taxes.

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