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Maximize Your Write-Offs

  1. Maximize your 2009 tax write-offs by paying them before December 31, 2009.
    1. Prepay any significant state tax balances.
    2. Prepay real estate taxes.
    3. Pay the January 2010 mortgage payment early.
    4. Make non-cash contributions (Goodwill, Salvation Army). Get a receipt!
    5. Contribute appreciated stock to a charity. Your deduction is the FMV of the stock and there are no capital gains.
    6. Use a credit card to prepay any deductions.
    7. Purchase any business equipment or automobiles for a half-year depreciation deduction. Special bonus depreciation of 50% is available on all new equipment purchases made before 12/31/09.
    8. Be careful that additional deductions do not create an alternative minimum tax (AMT) problem. The AMT “patch” has already been approved. For those experiencing AMT in 2008, you should see no change in your AMT tax.
  2. For estate planning purposes, complete all gifts (up to $13,000) before the end of the year.