How to Save Thousands on Your

2009 Taxes!!!

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Sherm's Top Ten List

 


What to do before 12/31/09 Potential tax saving
     
1. Prepay your January 2010 mortgage payment early in December 2009. $150 to $750
     
2. Contribute old clothing and furniture to goodwill or Salvation Army. (Make a list first) (get a receipt) $150 to $750
     
3. Try to delay bonuses, overtime, and business income (if cash basis) in the next year $300 to $1,500
     
4. Sell enough loosing stocks to take advantage of $3,000 Maximum loss write off (call us for the rules) $300 to $600
     
5. Pay (prepay) any real estate tax due. (put on credit if necessary) $300 to $1,000
     
6. Buy, and get delivery of, any equipment for business or work. (section 179) (up to $125,000 write off even if only $1.00 paid down in 2009. $500 to $40,000
     
7. Catch up on quarterly 2009 -1040ES payments to avoid penalties. $200 to $1000
     
8. Prepay your 2009 Income Tax preparation fee, if you can deduct it $100 to $500
     
9. If in Business, put your children on the payroll , taking advantage of their zero tax bracket (call us first) $900 to $5,000
     
10. Take advantage of education credits - pay tuition due (if you qualify) (call us for the rules.) $500 to $3,000


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