Comments on: End of year tax tips

By: randr

randr — Fri, 08 Oct 2010 22:58:28 +0000

If you are you can claim up to a $1500 credit on your taxes in 2009 or 201o if the improvements are made next year!The wash rules basically states that you cannot re-purchase that same or identical stock within 30 days or the original sale is a wash. So if you really like the stock, sell it now and re-purchase it after the wash rule time frame has passed. (Verify the 30 days as I am quoting that from memory

By: Oliver

Oliver — Sat, 04 Sep 2010 11:20:36 +0000

On the subject of leveraging your home, I would add that some people are able to avoid more taxes with a home equity line of Credit(HELOC). I am not an accountant so talk to yours about business deductions from the HELOC. If you are also a business owner, running much of your expenses “through” a HELOC is a form of financing that can give you additional deductions at the end of the year without costing you any inconvenience.

By: CindyS

CindyS — Tue, 05 Jan 2010 13:41:12 +0000

I am also hoping that we can start to rebuild our retirement savings this year. They have taken a pretty hard hit over the last year or two.

By: Scott Lovingood

Scott Lovingood — Tue, 22 Dec 2009 10:16:00 +0000

If you sell stocks that have long term gains you should also consider selling stocks that have long term losses to offset the capital gains due on the winners you are selling.

With market performance being what it has been the last couple of years, it is very likely that most of us have losses to off set any gains. Just make sure you understand the wash rule when you do sell them.

The wash rules basically states that you cannot re-purchase that same or identical stock within 30 days or the original sale is a wash. So if you really like the stock, sell it now and re-purchase it after the wash rule time frame has passed. (Verify the 30 days as I am quoting that from memory

By: Mrs. Money

Mrs. Money — Tue, 22 Dec 2009 01:48:48 +0000

Great tips! I’m hoping that I can contribute a nice chunk of change to our Roth IRAs!

By: Andrew @ Earn Give Save

Andrew @ Earn Give Save — Tue, 22 Dec 2009 00:22:10 +0000

Thanks for the post, Jay! We’re thinking about year-end charitable contributions—asking ourselves, who can we bless at this time of year?

By: Craig

Craig — Mon, 21 Dec 2009 18:06:48 +0000

I am working on seeing if I can move some money around to maximize my Roth IRA for the year, good tip.

By: Peter

Peter — Mon, 21 Dec 2009 16:07:46 +0000

If you’ve made improvements to your home this year like new windows, water heaters, roofs or other things, you may be eligible for home improvement tax credits. Check it out at energystar.gov to find out if you’re eligible. If you are you can claim up to a $1500 credit on your taxes in 2009 or 201o if the improvements are made next year!