Filing IRS Taxes: Get Tax Filing Tips About Tax Credits & Deductions

Filing IRS Taxes: Year-End Tax Planning

Filing IRS Taxes 2011Now that the holidays are right around the corner, the last thing anyone wants to think about is filing IRS taxes, but for those who are looking to take advantage of expiring tax breaks, you should. Year-end planning will directly affect filing IRS taxes next year, so why not make those decisions work in your favor?

Increasing Deductibles

Increasing some write-offs right before the year ends makes sense when you are itemizing your tax deductions. It also allows you to possibly alternate year-to-year from itemized to standard deductions when filing IRS taxes, potentially saving thousands of dollars over the long-term. Here are four deductible expenses that can be easily increased before year's end.

  1. Holiday Purchases: The holidays offer you an excuse to purchase the items that your loved ones have been asking for, but for sales tax deduction purposes, it may be beneficial to go ahead and buy those big ticket items you've been putting off such, as new home appliances, jewelry, and other luxury items. When filing IRS taxes for the year, the receipts from these items may reduce your overall tax liability.

  2. Home Mortgage Payments: By prepaying the first of the year's mortgage payment at the end of this year, you will receive 13 months of deductible interest when you are filing IRS taxes. Although this will leave you with only 11 months of deductible interest for the following year, you can always repeat this strategy this time next year.

  3. Charitable Deductions: If you are making more money this year than last, giving to charity is a great way to offset your increased income and lower you tax liability. Since there is no cap on high-earner charitable donations, this year is a great year to give the maximum affordable to charity. Be sure to receive receipts, letters, or the required documentation to prove the worth of the contributions when filing IRS taxes.

  4. University Tuition/Student Loans: Consider prepaying your tuition for the first semester of the new year before December 31st in order to clam either education credit (American Opportunity or Lifetime Learning) when filing IRS taxes. Furthermore, try to double-up on student loan payments before the end of the year and increase the amount of interest paid that is claimed when filing IRS taxes.

Filing IRS taxes is something no one wants to think about until they have to, but with a little pre-planning before the end of the year, you may be able to lower your tax liability or increase your tax refund.

Warning: If filing IRS taxes with new credits or deductions, consult a tax professional before submitting the return. A drastic increase or decrease in income or deductions can cause an IRS audit. Refer to our Audit page before filing IRS taxes.

Call now or fill out the form below for a free consultation about filing IRS taxes. We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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