Daily Idea

It’s Tax Day!

Most of us are scrambling around to meet the April 15 tax deadline. We hate to rub it in, but in case you missed our video back in December, here’s some advanced warning on the best Year End Tips for 2009!

FULL TRANSCRIPT

I’m Nikki Key and you’re watching another Daily Idea.

So the year is winding down. The holiday season is here and you’ve got your mind on one thing.

No, not that! Taxes.

Taxes?! Who thinks of taxes this time of year, right? That’s for April.

Well, you’re wrong and that IRS bill for four grand last year proves it, so sit down and take notes. The research staff at the Daily Idea has some last minute tax tips for you to implement now so you don’t get hosed in 2008.

First and foremost, keep track of your holiday donations and gather receipts for the ones you’ve made through the year. Most people get hit up for charitable giving around the holidays and donate 20 dollars here or 50 dollars there. It all adds up and it’s all deductible. Be smart. Keep track. Cash in.

If you’ve been thinking about doing some home renovation or construction, get the work started and as much of the bill paid before January first as you can. Of course, to maximize your deduction, invite your slacker brother to sleep over a few nights, ask him for 50 bucks and claim you’re a landlord. That way you can write off pretty much anything you spent on your house — lawn care, busted toilet, even your lovely plastic deer in the front yard.

You younger folks who may not have itemized deductions before … bundle miscellaneous deductions such as tax preparation, job-hunting expenses and professional dues. If you meet the IRS threshold of two percent of adjusted income you can save money …And sorry for the tax term, only technical part of the whole show I promise.

Time your income. Expecting a year-end bonus? Maybe you’re looking to cash in some stocks? By arranging with your boss to delay any extra money and working with your broker to sell high after the new year, you can help pad that 2008 return. Just remember what you did and plan ahead so you don’t get stuck writing a big check in 09!

And you’ve got a week or so left in 2007. The best way to make that tax return look good is to add dependents! Grab that sexy beast from the office holiday party and head to Vegas! If you pull it off on the 30th, you can get it anulled on the first and probably still claim it.

And if you need a little bit bigger kick … go get a kid. Didn’t you hear? Adoption is totally in among the write-off crowd.

You know, something tells me not all of these little tid-bits are 100-percent write-off effective. You probably ought to call your accountant before you hit those last two pieces of advice … or pay a contractor 75 grand for a screened-in porch. But that’s just a hunch.

But, save those receipts and organize your statements now and come April, you won’t be wondering where all your beer money went.

And that’s another Daily Idea.

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