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June 22 2012

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Tax-Saving Tips -- It's Not too Late!!!

November 23, 2011

Everybody loves a bargain -- especially with the holidays just around the corner.

Well, I have some "bargains" for you -- in the form of "Tax Savings Tips" on your 2011 Taxes.

Yes -- It's NOT too Late!!!

#1. -- First:

The IRS' November Outreach Corner Bulletin has 4 Tax-Savings Tips which I want to pass along to you, as follows:

  1. Charitable contributions may help lower your tax bill
  2. Saving energy can save you money
  3. Year-end reminders for IRA owners
  4. Recordkeeping Makes Sense

If before the end of 2011, you make documented payments in any of these IRS' 4 Tax-Saving Tips categories above, your payments will reduce your taxable income dollar-for-dollar.

If you would like further details regarding any (or all) of the above 4 Tax-Saving Tips, simply email me a request from our Contact Page, and I will be delighted to send you more details.

#2. -- Second:

The IRS has now published the 2011 "Schedule A -- Itemized Deductions".

It lists about a dozen specific categories which the IRS allows you to reduce your taxable income.

If you still have a home mortgage, we can use Schedule A to compute deductions from your taxable income, because every dollar that you pay over your standard deduction in certain specific categories qualifies you for a dollar-for-dollar reduction of your taxable income.

I highly recommend that you take a moment to read over the following list of 2011 "Schedule A - Itemized Deductions" to see if you can find any additional items you have paid out in 2011 which could further reduce your 2011 taxable income, as follows:

  1. Unreimbursed Medical & Dental Expenses (if over 7.5% of your Adjusted Gross Income).
  2. Washington State Sales Taxes Paid.
  3. Real Estate Taxes Paid.
  4. Personal Property Tax (which is a portion of your Vehicle Registration Fee).
  5. Home Mortgage Interest Paid.
  6. Home Mortgage Insurance Premiums Paid.
  7. Investment Interest Paid.
  8. Charitable Donations Paid.
  9. Casualty or Theft Losses.
  10. Certain Miscellaneous Deductions can also be taken if their total exceeds 2% of your Adjusted Gross Income:
    • Unreimbursed employee expenses -- job travel, union dues, job education, job hunting, etc. -- See footnote at the end of this blog explaining this in more detail.
    • Tax Preparation (Accounting Accurately) Fees Paid.
    • Total amount you paid to produce or collect taxable income and manage or protect property held for earning income (but do not include any personal expenses).
      § For example, cost of rental of a safe-deposit box is allowable.
  11. Casualty and theft losses of income-producing property (Form 4684 or 4797).
  12. Loss from other activities (Schedule K-1).
  13. Federal estate tax paid on income in respect of a decedent.

If you have any questions, I will be glad to advise you further as to exactly how you could implement the IRS' Tax-Savings Tips in order for you to be eligible for the maximum tax savings for 2011, God willing.

Simply email me a request from our Contact Page, and I will be pleased to send you more details.

Trust that this email has found you in good health of mind, body, and soul.

Best regards as always.

Mariym

P.S. -- If I can ever do anything further to help you, please feel free to ask.

For More Information:

  • Talk with us -- ACCOUNTING ACCURATELY!
  • E-mail available from the Contact Page on this website.
  • Voice mail available 24 hours daily:
    • Office: 253.581.7145.
    • Cell: 253.686.1430.
  • We reply to all messages promptly.
  • We can help!

Footnote to No. 10 above: Job Hunting Expenses -- Income Tax Savings for YOU!

Job-Related Expenses or Expenses to Look for a Job in your Field:

What qualifies?

  • VERY IMPORTANT - You MUST have DETAILED RECORDS to substantiate ALL expenses.
  • NOTE: You may be able deduct all or some of those expenses even if you were only a temporary worker.
  • Job-Related Expenses if NOT reimbursed by your employer:
    • Travel -- MUST be Job-Related.
    • 50% of JOB-RELATED meals & entertainment.
    • Uniforms, protective clothing, and costumes if REQUIRED for your job.
    • Union dues and memberships to JOB-RELATED professional organizations.
    • Home office expenses IF used EXCLUSIVELY for your job, business, or profession.
    • Owned or leased JOB-RELATED vehicle expenses.
    • The cost of equipment and other depreciable business property IF used EXCLUSIVELY for your job, business or profession.
  • Job-Search Expenses for finding job in your PRESENT LINE OF WORK:
    • Travel -- MUST be Job-Search-Related.
    • 50% of JOB-SEARCH-RELATED meals & entertainment.
    • Union dues and memberships to JOB-RELATED professional organizations.
    • Home office expenses IF used EXCLUSIVELY for your job, business, or profession.
    • Owned or leased JOB-SEARCH-RELATED vehicle expenses.
    • The cost of equipment and other depreciable business property IF used EXCLUSIVELY for your job, business or profession.

What DOESN'T qualify?

  • Travel costs that consist ONLY of commuting to and from your job
  • Business clothes or formal wear SUITABLE FOR USE OUTSIDE OF WORK.
  • Job-search expenses for finding a first job or job in a NEW field of work.

Last Updated by Admin on 2012-07-02 10:40:46 AM

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June 22 2012
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Last Updated by Admin on 2012-06-22 09:19:28 AM

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