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Now is the best time to start thinking about your year end tax planning. These tax strategies can be put into effect by the end of the year and some as late as when the tax return is due. Planning now will save you money and reduce your tax liability not only with your IRS taxes but also with your state taxes. Here are tax tips that will help you accomplish your goal.

MINIMIZE YOUR CAPITAL GAINS

Review your capital gains and losses for the year including taxable investment accounts and taxable real estate sales. If you have net capital gains, you may want to sell some of your investments that have a loss to offset the gain. You should also check your 2003 tax return for any loss carry forwards to 2004.

NEW SALES TAX DEDUCTION

New in 2004 taxpayers who itemize deductions can now choose between claiming the state income tax or sales tax as a deduction. The IRS will provide optional tables for use in determining this sales tax deduction if tax payers don t keep their receipts throughout the year. Sales tax paid on motor vehicles and boats may be added to the table amount up to the general sales tax rate.

EDUCATOR S DEDUCTION

Renewed for 2004 and 2005, eligible educators are permitted an above-the-line deduction up to $250 per year for non-reimbursed expenses incurred in connection with books, supplies, computer equipment and supplementary materials used in the classroom.

COMBAT PAY

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Due to the Working Families Tax Relief Act of 2004 military personnel receiving combat pay can get larger tax credits in 2004. The new law counts excludable combat pay as income when figuring the Child Tax Credit. The taxpayer also has the option of including or excluding combat pay when figuring the Earned Income Tax Credit. As always, combat pay is excluded from taxable income.

OPEN AN INDIVIDUAL RETIREMENT PLAN ACCOUNT (IRA)

See http://www.dgoodmancpa.com/smallbusinessretirementplan.htm#INDPLAN for an example of what you can do to defer income until retirement. You can open your 2004 IRA as late as April 15th of 2005. You may want to consider a Roth IRA. They are not tax deductible but also are not taxable when withdrawn at retirement.

GET ORGANIZED

Clients always ask me what I need in order to do their taxes. For 90% of the population, with a little organization, your tax preparation doesn t have to be overwhelming. First, when you get those tax documents in the mail, have a folder ready to just drop it in there and forget about it until tax time. Most tax documents are required to be mailed by January 31st so you should have almost everything by the first week of February. If not, call to have them send a duplicate. Next, go through your check book, credit card statements and cash payouts for the basic deductible items. This would include your medical expenses including eye glasses, taxes paid including vehicle registrations, donations and any employer expenses that were not reimbursed. Don t forget day care expenses, student loan interest and tuition if any of those apply to you.

These are just some tax tips you should consider when thinking about your year end tax planning. If you have a specific question about your particular situation, e-mail me at dianne@dgoodmancpa.com and I will help you muddle through the tax planning issues you may have.

This article was intended to provide general information about year end tax planning. It does not contain all the rules and exceptions that may apply to your situation. If you have further questions regarding year end tax planning, I can be reached at www.dgoodmancpa.com.

Coming Soon - E-mail me at dianne@dgoodmancpa.com and tell me what you would like to know more about. It just might be my next article!

About the Author

Dianne Goodman, CPA Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-866-531-3035.

CONTACT INFORMATION:

Dianne Goodman, CPA
Comprehensive Small Business Solutions, PC
505 323-2307
1 866-531-3035 toll free
http://www.dgoodmancpa.com

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2004 Year End Tax Planning and Preparation for Individuals Tax Tips for 2004 by Dianne Goodman, visit http://www.dgoodmancpa.com for more content like this.

About the Author

About the Author

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Dianne Goodman, CPA Specializes in servicing Small Businesses and Individuals. Visit www.dgoodmancpa.com for relevant and current information on a variety of financial and tax issues focusing on small businesses and individuals or call at 1-866-531-3035.

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I am stunned when I hear that many of the so called real estate gurus are charging from $3,000 to $15,000 for their seminars and “mentoring”. Has the world gone mad?

As a real estate investor and author I am often asked if I can recommend these real estate seminars. I answer with a question… “What have you done on your own to learn about real estate investing?” Then I offer the following suggestions:

Go to your public library and read all the books on real estate investing that have been published in the last ten years. Many of the gurus have written books where they explain their investing techniques… the same ones they present in their high priced seminars. Libraries are FREE!

Visit a few used books stores and you will find good books and often cassette tape courses on real estate investing. They will cost just a few dollars.

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On the internet you will find a number of real estate investing forums. Here you can interact with investors of all experience levels. Someone will ask a question and they often will get very good answers from a number of experienced investors.

If you visit these forums and read the questions and answers for a few weeks you will find that you are receiving a very good investing education. You will soon get a clear picture of what’s working now. You will see what others are doing successfully. Soon you will know what questions you need answered and you can ask for help. And it is all FREE.

We would all like an expert to take our hand and lead us into risk free real estate investing success. The gurus recognize this and offer their seminar suckers… excuse me, I mean seminar STUDENTS… expensive “mentoring” programs. Trust me… you can get better advice free, on internet real estate forums. Just do a Google search for “real estate forums”.

Real estate investor clubs are another excellent place to get help. With so much interest in real estate most every city of any size has at least one real estate “club”. Just do a Google search for “real estate clubs”.

If you remember your early history of the gold rush you may recall that those who made the most money were the ones selling “shovels to the miners.” That is exactly what the gurus and most real estate clubs are doing… selling education to wanta-be investors.

Okay. Can you experience an improvement to your awareness on Sarasota real estate market? I’m sure, you must have felt it.

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Most clubs are profit making ventures and each month they bring in a guru to give a mini-seminar designed to motivate attendees into buying their learning material… “Available today only at a deep discount!”

The best thing about the clubs is that you can meet other investors. Exchange phone numbers and build your own support group. With three or four people you can invest in learning material as a group and share your learning experience at reduced cost.

I don’t suggest that you become a real estate agent, but the learning material available for passing your state’s licensing test can be helpful. Check with your state’s real estate board or commission to see if they publish on book on real estate law and regulation.

Trade schools that teach people to pass the agents license test have good course material. You may find some in used books stores or you can run an little ad in the “Wanted” section of a “Penny Saver” type of publication.

Finally, is all real estate education offered for sale a rip-off. Of course not. You can speed your way to success once you know what is worth buying and what is not. Do a Google search for “real estate investing” and you will find displayed a wide variety of offers. Do your own investing research first… then you will recognize good value when you see it.

You’ll will find a list of top quality material at reasonable prices listed on my own Web site http://CashFlowInstitute.com

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About the Author

Mark Walters is a third generation real estate investor and author. He publishes an online newsletter for real estate investors that can be found here.. http://ThePowerLetter.com

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