Tax Cutting Checklist
Whether you’re a wage earner, an investor, a business owner, or all three,
you should use the tax-cutting benefits available in the tax law. There is
little to be gained by paying more tax than the law demands.
Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist
to get you started. Check the list to see if there are tax breaks that you are
overlooking.
For Individuals:
- Roth IRA
- Rollover to Roth IRA
- Tax-deductible IRA
- Child tax credit
- Income shifting to children
- Child care credit
- Earned income credit
- Lifetime gifts
- Education savings accounts
- Education expenses
- Hope scholarship credit
- Lifetime learning credit
- Bunching deductions
- Flexible spending accounts
- Health savings account
- Donating appreciated assets instead of cash
- Qualifying property for personal residence gain exclusion
- Best filing status
- Shifting income or deductions from year to year
- Adoption expense credit
For Investors:
- Tax-free municipal bonds
- Long-term capital gains and dividends
- Rental property
- Tax-free exchange
- Low-income housing credit
- Small business stock rollover
For Businesses:
- Home office deduction
- Keogh plan
- SIMPLE plan
- SEP
- 401(k) plan
- First year expensing of business equipment
- Bonus depreciation
- Year-end bonuses
- Bad debt write-off
- Disabled access credit
- Other business tax credits
Tax-free exchange
Contact our
office if you have questions or want more information on these and other
strategies that could reduce your taxes.
