Tuesday, December 29, 2009

A few ideas for last minute tax planning

By Dan Danford, MBA, CRSP®

It's not too late to put a few strategies in gear to save money for the 2009 tax year. You can still fund an IRA, of course, which shaves off some of your taxable income. Here are some other strategies, which I'll be discussing and sharing in depth on KMBC in Kansas City on Wednesday, January 30, in the 7 a.m. and 8 a.m. hours.

College 529 Plans: 2009 Missouri or Kansas Tax deduction for contributions to a 529 plan.

Charitable gifts: Write a check today or tomorrow for your favorite charity, and take a 2009 deduction.

Medical expenses: Only deductible above certain levels, but – if you are there this year – stock up on contact lenses or other allowed stuff. Go on a medical buying spree today!

Defer Income: Tell the boss to pay your 2009 bonus in January. Less 2009 income means less tax in April.

Take gains or losses on investments: Sell mutual funds tonight or tomorrow to balance gains/losses. Again, less 2009 income means less tax.

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