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 September 27, 2007

Money Saving Tax Tips
Now is the time to make the time in-between those holiday get-togethers to review your finances and examine your tax liability before year-end while there is still some time to save money.
The following tips can help you limit the share that you wind up paying when tax time arrives.

Pay bills now. Pay down your mortgage and other tax-deductible payments early if possible.

Pay bills later. If the coming year looks to be like a banner year financially, hold off on paying on those tax-deductible payments.

Pay State taxes now. If you calculations now show that you will owe State tax, and are able to pay now, before the end of the year, you can deduct it on the 2006 return you file in early 2007.

Buy a car or make a purchase for your business. Keep in mind that whatever is purchased must be put into use be December 31 to qualify for a deduction, however, it does not have to be paid for in full right away. The maximum amount of these types of purchases that can be deducted is $108,000.

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