Financial Deadline Looming For Taxpayers
Only 10 Days Left in 2011
Time For Year-End Tax Relief Action
Nope, there has been no USA Congressional Supercommittee agreement to help with either our personal and business income tax bills or the bloody national debt. Think positive about these opportunities:
- Sales Tax Deduction
Taxpayers have the option of either deducting their state and local sales taxes or state and local income taxes – if you itemize your Schedule A, stupid. Therefore, one may wish to make big-ticket purchases before the end of this year and deducting those sales tax amounts prior to filing on or about April 15, 2012.
- IRA Gifts
Charity gift amounts can be excluded from earned income. This helps those with Social Security or Medicare not to suffer higher taxes on those monthly benefit checks or higher health insurance premiums.
- Teacher Expenses
Each educator in a family may deduct up to $250 of any unreimbursed expenses on the tax return. This does not apply to goods that are not used in the classroom.
- Higher Education
Up to $4,000 can be deducted for tuition and mandatory enrollment fees needed to attend any accredited institution above the high school level.
- Mortgage Insurance
Depending upon your adjusted gross income, you may deduct premiums paid for mortgage insurance. This will not apply to those without this insurance, any who rent places to live, or others who are homeless.