Comments on: Ten Easy Year-End Tax Tips

By: kelly kraut

kelly kraut — Mon, 14 Sep 2009 16:28:30 +0000

what is better for filing, single or married? Which one will you get more or a tx break?

By: MoneyNing

MoneyNing — Wed, 10 Dec 2008 17:20:15 +0000

Jim, I took the marriage advice to heart! (Actually, maybe that was your tip from last year) since I got married this year Great tips!

By: SK

SK — Wed, 10 Dec 2008 16:57:10 +0000

Thanks for your prompt response. I was talking about: Use up your $12,000 gift exclusion. Can you please elaborate on this. What did you mean by exclusion. THNX

By: jim

jim — Tue, 09 Dec 2008 21:52:27 +0000

@SK: You can’t deduct gifts, you could never deduct gifts (businesses can deduct gifts up to $25 per recipient per year, but that probably isn’t what you’re talking about).

By: SK

SK — Tue, 09 Dec 2008 21:34:39 +0000

Can anyone let me know how the gift thingy works. I asked my CPA and he said you can not deduct gifts. Is there a different method of reporting gifts and what are the records to be kept in case of audit.

By: Ben

Ben — Tue, 09 Dec 2008 20:55:20 +0000

For the gift tax you could give from one couple to another couple a total of $100,000 ($48,000 Dec. 31 from couple to couple + $52,000 Jan. 1 from couple to couple).

By: Miss M

Miss M — Tue, 09 Dec 2008 20:52:51 +0000

I should point out the marriage tip to my other half! We’d have a tax benefit for being married because we have wildly different incomes, this year I’ll probably make 5 times what he earned. I need to get the donation pile together, we have a lot of clutter I’d like to give away. All good stuff, just no space.

By: David

David — Tue, 09 Dec 2008 18:56:07 +0000

If self-employed, open up a SEP or Solo401K to put some of your income away so you can reduce your tax burden. But remember, they have to be opened by Dec 31, even if not funded yet.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 09 Dec 2008 18:22:36 +0000

Jim: Some folks need to think twice about delaying bonuses and income. The upper tax brackets are probably going higher next year so taxpayers in those upper brackets might be better off taking the income this year.