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Tax Tips
The
following tax tips address frequently visited topics. If you have questions
you should feel free to call.
·
If you are self-employed or
have self-employed income, you may be eligible to deduct part of your health
insurance premiums directly against your income. This could be a big tax
saver.
·If
you make a charitable contribution of $250 or more, you should obtain
written acknowledgement from the charity and keep it with that year's tax
file. You do not have to enclose the receipt with your filing to the
government.
·If
you owe money on your return and you can't afford to pay it, enclose what
you can afford now and file the return with a balance due. Many taxpayer's
do not realize that the penalty for "Failure to File" is 10 times greater
than "Failure to Pay."
·The
top long term capital gains rate is 15%. You may wish to cash in on some of
your paper profits before year end. If you have paper losses, you may wish
to sell them along with your profits and offset these together. Your should
aim for a total combined capital loss of $3,000 for the year.
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