With the first day of winter (12/21) still 2 days away, we watch the falling snow of our first winter snow storm in the northeast. I am reminded that the end of 2009 is fast approaching and it is time to think about our taxes. Since estate planning includes protecting and preserving our assets, how can we save on our taxes and thus maintain more of our money.
Here are my 5 things to consider:
1. Start early gathering tax information, including receipts. You can loose lots of money with last minute tax preparations.
2. Do not forget those deductions - property taxes; mortgage interest; points; home improvements for medical care; tuition and fees; and, moving expenses for that first JOB.
3. Do not forget those credits - first time homebuyer; and child and dependent care care.
4. Make contributions to your IRA.
5. If you have not already done so, invest in a financial management system so that throughout the year you are organizing and tracking your expenses to see where you can save and thus increase your net worth. At the end of the year, with the touch of a button, your tax information is available to you.
Leave your comments here or contact us at http://www.ythlaw.com/
Here are my 5 things to consider:
1. Start early gathering tax information, including receipts. You can loose lots of money with last minute tax preparations.
2. Do not forget those deductions - property taxes; mortgage interest; points; home improvements for medical care; tuition and fees; and, moving expenses for that first JOB.
3. Do not forget those credits - first time homebuyer; and child and dependent care care.
4. Make contributions to your IRA.
5. If you have not already done so, invest in a financial management system so that throughout the year you are organizing and tracking your expenses to see where you can save and thus increase your net worth. At the end of the year, with the touch of a button, your tax information is available to you.
Leave your comments here or contact us at http://www.ythlaw.com/
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