Tax Tips For The End Of The Year

As we move into the fourth and final quarter of 2010

, there are many things you should know. Keep in mind that filing your taxes is coming up soon. Do not wait until the last minute to get all of the necessary paperwork in order. Instead, consider what you will need to file your 2010 taxes next year. Here are a few basic things to consider:

First, now is the time to get all of your charitable donations in. Many charities will be asking for help, especially around the holiday season. Make sure that when you donate you get the proper paperwork. Whether it is a receipt for household goods or a letter stating the amount of monetary contributions you have made, you will need proof of your charitable giving. Make sure that you know how much you can deduct. Talk to your tax professional for the exact number. This amount will vary depending on earlier contributions and whether you are filing jointly or independently. Donations made by businesses also differ. To avoid tax problems, make sure to consult with a professional.

If you are a student or have a dependent, make sure that you get all of your federal student loans in order. Know how much you have borrowed so that you may anticipate getting the appropriate paperwork next year. You may be qualified to receive deductions based on interest from federal student loans.

If you've taken a new job this year, make sure you have the paperwork and receipts if you had to move more than 50 miles. Even if you don't itemize, you can still deduct the cost of such a move.

Deductions for home improvements may be deducted. As part of new green initiatives enacted by Congress, certain improvements to make your home more energy efficient can be deducted from your taxes. So if you are considering adding new solar energy mechanisms or adding more energy efficient windows to your property, try doing them before the end of the year.

by: Mark Randall

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