Wednesday, December 31, 2008

Last-Minute Year-End Tax Tips

The other day I was mentioned in an article on about end of the year tax tips. The article goes over different ways you can try to reduce your total federal tax liability before the beginning of 2009. Below is a quote that includes my advice, but for the full article click here.

The No. 1 recommendations made by many tax experts is to make capital investments now rather than put them off. A change to the 2008 Federal Tax Code has resulted in a historically high write-off maximum of $250,000 for tangible property. So now could be the time to do that much-needed upgrade of your equipment, such as computers, telephone systems, even furniture. All of your business-related gear is deductible, there are tons of sales going on, and if you charge the purchases to a credit card, you can claim the deductible for this year yet not have to pay off the charge until next year -- and, as tax attorney Roni Deutch points out, you might even qualify for credit card rewards.

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