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Hack Your Taxes Before Jan. 1

Hack Your Taxes Before Jan. 1

    If you live in the U.S., the due date to file your tax return isn’t until next April. If you want to get some major benefits on your taxes, though, you have to take action before the end of the year: after all, in April, you’re paying taxes for the year of 2008. There are plenty of loopholes that can provide you with some significant advantages, depending on your financial situation. The list below is only a smattering of possible opportunities; it may be worth consulting with a tax professional about your own situation, especially since not all of these opportunities will be useful for everyone.

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    1. Make early payments. If you make your first mortgage payment of 2009 before Jan. 1, you can deduct the interest on this year’s taxes. The same goes for any property taxes that are deductible. However, if you expect to owe more taxes in 2009 than in 2008, it might be worth holding off on those payments so you can take the deductions on next year’s taxes.
    2. Get elective surgery. If you’ve already paid for medical expenses this year totaling 7.5 percent of your adjusted gross income, you can deduct any medical costs over that amount. If you’ve been planning to get some sort of surgery, scheduling it before the end of the year can pay off. Stocking up on your medical supplies and can also qualify, as can making improvements to your home for medical purposes (installing a ramp or pull bars, for example).
    3. Take a look at your investment losses. If you’ve taken significant losses in investments recently, you can offset capital gains on your taxes or — if you have more losses than you have gains, you can reduce your taxable ordinary income by up to $3,000 on your tax return.
    4. Sell a second home. If you’re working on selling a second home and you can close before Jan. 1, try to do so: a loophole closes at the end of the year that allows homeowners with multiple houses to defer the gain from the sale of other properties.
    5. Buy a Honda hybrid. I’d never suggest running out and buying a car just to get a tax break, but if you’re planning to buy a Honda hybrid soon anyhow, be aware that you can get a tax credit of $525 on it — up until Jan. 1, at which point the tax credit will be eliminated. There are other credits available for other clean-fuel cars.
    6. Sign up for a conference. Paying professional dues, getting certified, going to conferences and other job-related expenses are tax deductible after you’ve passed a certain threshold — two percent of your adjusted gross income. You’ll want to make the payment before the end of the year, however.
    7. Give to charity. A favorite way to reduce taxes for quite a while, giving a few dollars to charity now can help your taxes come April. Quite a few charities are struggling to meet demands right now, especially food banks, by the way. Before you sign the check, however, check IRS Publication 78 to make sure that you’ll be able to deduct the donation. You don’t have to give cash, by the way.
    8. Spend money on your class room. If you are an educator, you can deduct up to $250 for purchasing educational materials for your classroom.
    9. Top off your retirement account. There are a whole stack of tax advantages associated with 401(k), 403(b), and IRA accounts — I won’t go into all of them right here, but check what opportunities your retirement account gives you. You may need to put more money in to get the full benefit, though.
    10. Open a business. The amount of deductions you can take even if you’re just posting garage sale finds on eBay are incredible. You can deduct everything from a percentage of your mortgage to bank fees. You can even write off business debts.
    11. Refinance your home. If you have to pay points to refinance your home, you can deduct them over the life of your new loan.
    12. Get your taxes prepared. You can deduct the cost of having your taxes prepared either as a miscellaneous deduction on your personal return or as a business expense. The same is often true for any legal, accounting or financial planning fees that relate to tax planning.
    13. Go back to school. There are both deductions and credits associated with higher education. If you pay for next semester before Jan. 1, you can take advantage of the deduction this year.
    14. Search for a new job. If you’re on a job search, related expenses like hiring a resume writer or paying a fee to an employment agency can be tax deductible. If you have to move to accept a job, those expenses are also deductible.
    15. Take money from Mom and Dad for your student loans. If your parents help you to pay down your student loans, you can still deduct the interest. If anyone else helps you out, though, no one gets to deduct that interest.

    It’s important to remember that a lot of these moves don’t make sense if you’re just doing them for the tax break. However, if you were planning to get some sort of elective surgery or buy a Honda hybrid, for instance, it may be reasonable to move up your schedule for the tax benefit. Take a close look at your overall financial picture before moving forward. Because everyone’s situation is different, you may want to consult with a professional and rely on his advice.

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    Last Updated on May 14, 2019

    8 Replacements for Google Notebook

    8 Replacements for Google Notebook

    Exploring alternatives to Google Notebook? There are more than a few ‘notebooks’ available online these days, although choosing the right one will likely depend on just what you use Google Notebook for.

    1. Zoho Notebook
      If you want to stick with something as close to Google Notebook as possible, Zoho Notebook may just be your best bet. The user interface has some significant changes, but in general, Zoho Notebook has pretty similar features. There is even a Firefox plugin that allows you to highlight content and drop it into your Notebook. You can go a bit further, though, dropping in any spreadsheets or documents you have in Zoho, as well as some applications and all websites — to the point that you can control a desktop remotely if you pare it with something like Zoho Meeting.
    2. Evernote
      The features that Evernote brings to the table are pretty great. In addition to allowing you to capture parts of a website, Evernote has a desktop search tool mobil versions (iPhone and Windows Mobile). It even has an API, if you’ve got any features in mind not currently available. Evernote offers 40 MB for free accounts — if you’ll need more, the premium version is priced at $5 per month or $45 per year. Encryption, size and whether you’ll see ads seem to be the main differences between the free and premium versions.
    3. Net Notes
      If the major allure for Google Notebooks lays in the Firefox extension, Net Notes might be a good alternative. It’s a Firefox extension that allows you to save notes on websites in your bookmarks. You can toggle the Net Notes sidebar and access your notes as you browse. You can also tag websites. Net Notes works with Mozilla Weave if you need to access your notes from multiple computers.
    4. i-Lighter
      You can highlight and save information from any website while you’re browsing with i-Lighter. You can also add notes to your i-Lighted information, as well as email it or send the information to be posted to your blog or Twitter account. Your notes are saved in a notebook on your computer — but they’re also synchronized to the iLighter website. You can log in to the site from any computer.
    5. Clipmarks
      For those browsers interested in sharing what they find with others, Clipmarks provides a tool to select clips of text, images and video and share them with friends. You can easily syndicate your finds to a whole list of sites such as Facebook, Twitter and Digg. You can also easily review your past clips and use them as references through Clipmarks’ website.
    6. UberNote
      If you can think of a way to send notes to UberNote, it can handle it. You can clip material while browsing, email, IM, text message or even visit the UberNote sites to add notes to the information you have saved. You can organize your notes, tag them and even add checkboxes if you want to turn a note into some sort of task list. You can drag and drop information between notes in order to manage them.
    7. iLeonardo
      iLeonardo treats research as a social concern. You can create a notebook on iLeonardo on a particular topic, collecting information online. You can also access other people’s notebooks. It may not necessarily take the place of Google Notebook — I’m pretty sure my notes on some subjects are cryptic — but it’s a pretty cool tool. You can keep notebooks private if you like the interface but don’t want to share a particular project. iLeonardo does allow you to follow fellow notetakers and receive the information they find on a particular topic.
    8. Zotero
      Another Firefox extension, Zotero started life as a citation management tool targeted towards academic researchers. However, it offers notetaking tools, as well as a way to save files to your notebook. If you do a lot of writing in Microsoft Word or Open Office, Zotero might be the tool for you — it’s integrated with both word processing software to allow you to easily move your notes over, as well as several blogging options. Zotero’s interface is also available in more than 30 languages.

    I’ve been relying on Google Notebook as a catch-all for blog post ideas — being able to just highlight information and save it is a great tool for a blogger.

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    In replacing it, though, I’m starting to lean towards Evernote. I’ve found it handles pretty much everything I want, especially with the voice recording feature. I’m planning to keep trying things out for a while yet — I’m sticking with Google Notebook until the Firefox extension quits working — and if you have any recommendations that I missed when I put together this list, I’d love to hear them — just leave a comment!

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