Come to the table with confidence

Last Minute Year End Tax Savings

Here are a few ideas:
1. Contribute to your HSA
  • Deductions up to $3,050 for individual coverage and $6,150 for family coverage
2. Sell stock at a loss while substantially preserving your investment position
  • Selling stocks at a loss will offset any capital gains incurred
    • Note:  capital losses in excess of gains are limited to $3,000 for any given year with the unused loss being carried forward indefinitely
 3. Donate to charitable organizations now instead of holding off until 2012
4. Acclerate big ticket purchases into 2011 to get sales tax deduction (i.e. vehicle)
5. Pre-pay qualified higher education expenses for first quarter of 2012
6. Make year-end gifts
  • Individuals can gift up to $13,000 without incurring any gift tax ($26,000 for married couples)
Need some good tax help, give us a call and we can refer you to some great professionals!