Video: Year End Deductions
GOLDEN TRIANGLE (WCBI) – While we have not received a definate answer on the fiscal cliff, the tax year continues to roll on.
Many taxpayers are searching for ways to maximize deductions and minimize what they owe.
However, when making those deductions, make sure you have proper documentation to support those numbers.
Also, keep in mind…you can’t write off charitable donations made in January or beyond for this tax year.
The same goes for annual payments that can be written off.
“Pay your real estate taxes or car tags, you can charge it on a credit card. And if that charge is as of 12/31 and prior, even though you don’t pay that credit card bill off till January or February, its still counted as a deduction this year,” said J. Michael Prince, T.E. Lott, CPA.
Prince encourages everyone to keep all receipts for possible deductions.