End-of-year tax tips

2011 is almost over and done with, but there’s still a few days left to save some money in 2012 when you file your taxes.

H&R Block has compiled a list of end-of-year tips to help maximize your tax returns this spring.

But don’t wait on it – there are only three days left in 2011 to make it count!

  1. Make charitable donations: To be tax-deductible, doantions must be made to qualified, tax-exempt organizations and claimed as itemized deductions on tax returns.
  2. Offset capital gains with capital losses: Those with a large net capital gain in 2011 could reduce their tax liability by selling stock before Dec. 31 if it would generate a loss. Capital losses don’t just offset capital gains. If capital losses exceed capital gains, up to $3,000 of capital losses can be used to offset ordinary income, such as wages.
  3. Pay it forward: Those who haven’t taken full advantage of the American Opportunity Credit should consider paying spring college tuition before Dec. 31 to benefit from the tax break on their 2011 returns.
  4. Go green at home: Home energy-efficiency improvements are eligible for a tax credit of 10 percent of the cost, with a $500 lifetime maximum. This includes windows and doors, insulation, roofing, HVAC and non-solar water heaters meeting specific energy guidelines.
  5. Claim casualty losses from disaster: Taxpayers in a federal disaster area who sustained disaster-related casualty losses  can claim their losses on a tax return for the year the disaster occurred or on the prior year’s return.

About Ashley Wislock

Business reporter focusing on retail for the York Daily Record/Sunday News. In my spare time, I'm a social media, sports, reality TV and celebrity gossip junkie. Contact me at awislock@ydr.com or 717-771-2029!
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2 Responses to End-of-year tax tips

  1. Jo says:

    I see TurboTax is advertising again on television. People should be reminded that they can use TurboTax for FREE on the IRS web site to file their taxes, as well as other tax preparation software. There’s no need to pay to use or buy TT software unless one’s tax preparation is more involved and would need a higher level of software than the IRS version. I’ve used the IRS version for several years and love it, never have any problems. Prior to the IRS providing it free on their website I purchased TT for several years.

  2. Nancy says:

    Dear Jo:
    I see someone works for TurboTax.
    With love,
    Nancy

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