Personal tax tips for tax preparation & income tax planning

CHECK OUT
PREVIOUS PERSONAL TAX ARTICLES
IN THE
PERSONAL TAX TIPS ARCHIVES.

Winter, 2007

Summer, 2006
Winter, 2006
Summer, 2005
Winter, 2005

Summer, 2004

Winter, 2004

Summer, 2003
Winter, 2003

Brookwood Tax Service updates these Personal Tax Tips online frequently and distributes a personal tax tips newsletter by e-mail twice a year. To receive our e-mail newsletters, send a Newsletter Request
with your e-mail address and "Personal Tax Tips Newsletter Subscription" in the subject field.

This page last updated on
December 10, 2006

Personal Tax Preparation & Income Tax Planning Tips from Brookwood Tax Service -- Winter 2007 Archive Articles
(NOTE: The tax information in the following articles was current as of the date on the page. Tax law may have changed since these articles were posted.)

Employee Business Expense Deductions
Don't Overlook This Write-off if You are Entitled

Unreimbursed business expenses paid as part of your job may be deductible as miscellaneous itemized deductions on Schedule A.
See the Full Article for details.

Be Sure Donated Items Qualify for Tax Deduction

Tax Tip on Cleaning Out Your Closets

Tax deduction rules for donation of used items changed in mid-August, 2006. Used items must be in "good condition" to claim a tax deduction.

Full Article

Charitable Giving Rules Change in 2007

Tax Tip on The New Record-Keeping Requirement

Taxpayers wishing to claim a deduction for charitable donations in 2007 must have a written record documenting the donation.

Full Article

Tax Tip on Inherited Retirement Plans
New 2007 Rules for Non-Spouse Beneficiaries

Beginning in January of 2007, non-spouse beneficiaries inheriting a retirement plan will be allowed to roll the plan into an IRA and stretch out distributions.

Full Article

Donate Funds From Your IRA
Tax Tips for Investors Over 70½

Taxpayers who must take a required minimum distribution from their IRA's have a charitable deduction option for 2006 and 2007, to donate up to $100,000 from the IRA to charity and exclude the donation amount from taxable income.

Full Article

Tax Tips on Direct Deposit of Your Refund

You Can Designate up to Three Accounts

Taxpayers who wish to have their 2006 tax refunds direct deposited into financial accounts can now designate up to three separate accounts to receive part of the refund.

Full Article

Transferring Investments to Your Children
Congress Tightens Rules on the Kiddie Tax

The age at which children's investment income is subject to their parents' higher tax rate has been increased from 14 to 18, making it tougher for parents to shift income to their children's lower tax bracket.

Full Article

Tax Tips on Saving for Retirement
Some Taxpayers Can Claim a Tax Credit

Taxpayers who meet income limits can claim a tax credit of up to 50% of the amount they contribute to a retirement savings plan.

Full Article

IRA Tax Break for Military Personnel
Tax-Free Combat Pay Qualifies as Compensation

Combat pay is non-taxable income to military personnel, but is still considered qualified income when determining eligibility to contribute to a retirement plan.

Full Article

Tax Tips for Reservists Called to Active Duty
You Qualify for Retirement Plan Tax Breaks

Reservists called to active duty can withdraw money from retirement plans without paying the 10% penalty, and are given at least two years after active duty ends to re-deposit the money.

Full Article

Tax Break for Retired Public Safety Officers
Save Taxes on Health Care Costs

Retired police, firefighters and other emergency services personnel can withdraw money tax-free from retirement plans to pay qualified health insurance premiums.

Full Article


	IRA Contribution Deadline Contributions to your IRA must be made by the due date of your tax return. Generally this is April 15. Extending the due date of your tax return does not extend the due date of your IRA contribution.


	Track Mutual Fund Basis If you own mutual funds, it is important to keep track of your reinvested dividends. These dividends increase your cost basis resulting in a lower capital gain when you sell the fund.


	HSA Contribution Deadline Contributions to a health savings account (HSA) must be made by the due date of your tax return, excluding extensions.


	Make IRA AND 401(k) Deposits You can actively participate in your employer’s qualified plan and still contribute to a Roth IRA. A deduction for contributions to a traditional IRA may be limited or nondeductible if you are a participant in a qualified retirement plan.


	Save Time During Tax Preparation Go to your tax appointment well organized. Have all your income statements such as W-2s and 1099s, separate from your expenses. Make sure you have all the proper social security numbers for dependents, as well as their names as they appear on their social security card. Careful organization will save you time come tax season.


	Georgia Part-Year Taxpayers There are three ways to calculate your Georgia deductions and two ways to calculate state personal exemptions. Tax-saving tip -- make sure your tax preparer knows the options and uses the best one for your tax return!

personal tax tips

[Home] [Site Map] [Contact Us]

Personal Tax Preparation & Income Tax Planning Tips from Brookwood Tax Service -- Winter 2007 Archive Articles (NOTE: The tax information in the following articles was current as of the date on the page. Tax law may have changed since these articles were posted.)

personal tax tips

personal tax tips

Personal Tax Preparation & Income Tax Planning Tips from Brookwood Tax Service -- Winter 2007 Archive Articles
(NOTE: The tax information in the following articles was current as of the date on the page. Tax law may have changed since these articles were posted.)