The end of the year is almost here and tax planning
needs to be done now in order to utilize the tax law. Here
are some questions to ask yourself.
Does your current year business property qualify for the
50% bonus depreciation? What about leasehold improvements?
Do you plan construction of a building? If you plan to make
major purchases or improvements time is running out on this
special deduction. You must do so before 12/31/2004.
Can my auto purchase qualify for total expense deduction
up to $102,000 for SUV's purchased before 10/22/2004?
This year you may want to elect to take a state sales
tax deduction instead of a state tax income tax deduction.
Have you made a major purchase this year re: car boat or
even built a new home?
Are you receiving pension payments from PBGC or benefits
under TAA/ATAA? You may qualify for the Health Insurance
Credit for displaced workers.
Don't pass up the deduction for non cash contributions.
Click on this link used
item values for a list of high and low values on
used items. In addition to used items you can contribute
stock to a charity at the current fair market value without
any tax consquence or actual cash outlay.
Contact me
for assistance. Dont let time run out on you.
