Personal Tax Preparation &
Income Tax Planning Tips from
Brookwood Tax Service
(Summer, 2003)
Tax Savings Tips for the Big Bear Market
If you own stocks or mutual funds that are worth
less than you paid for them several years ago, you have a potential
capital loss available that could help shield a small portion of your
current income from taxes.
See the
Full Article
for details.
Do You Earn "Too Much" Money?
There are Still Tax-Advantaged Savings
Plans for High-Earners
If the income phase-outs have locked you out of a
Roth or conventional IRA, or prevent you from claiming education credits
or the tuition tax deduction, here are personal tax tips on other tax-advantaged ways to save
for college or retirement.
Full Article
Did You Lose a Job Because of the
Recession?
Tip -- Turn Those Job-Hunting Expenses into Tax
Deductions
If you are looking for work in the same occupation
as the job you previously held, a number of common costs of looking for a
new job are eligible tax deductions if you itemize deductions on a
Schedule A.
Full Article
Get the Full
Deduction Allowed for Non-Cash Donations
Many taxpayers fail to save the receipt or to
fully list all the old items such as clothing or furniture that they take
to Goodwill or The Salvation Army. A personal tax-saving tip -- make that list and save that
receipt, because they can cut your taxes.
Full Article
You May be Able to
Avoid Some Capital Gains Tax on Your Home
If You Were Forced to Sell Before Living There for Two Years
The IRS has released new rules that allow a
partial exclusion of capital gain from taxation for taxpayers forced to
move out because of "unforeseen circumstances."
Full Article
Tips on a New Tax Break for
Retirement Savings
Taxpayers who salt money away into
retirement plans may qualify for a new savers credit of up to $1,000.
Full Article
Teachers Get a Small Tax Break
Deduction Allowed for Out-of-Pocket Costs
If you are an
elementary or secondary school teacher, aide, counselor, principal, or
other eligible educator who worked at least 900 hours in a school during
2003, you may deduct up to $250 for classroom supplies that you purchased
during the year. You may claim the deduction even if you do not itemize
deductions. Qualifying costs for the deduction include books, supplies,
equipment, computer equipment (including related software and services),
and other materials used in the classroom. Currently, there is no law that
allows teachers who home-school their children to take this deduction for
supplies they purchase for the classroom. Personal tax-saving tip --
hang on to ALL the receipts for any expense related to your profession.
Preserve Your IRA Investment from Multiple
Account Fees
Tip -- Roll Multiple IRA's Into Your Employer's
Retirement Plan
If you have changed jobs several times and rolled
over your retirement plan into a new IRA each time, or just opened serial
IRA's over the years with multiple financial services firms, you are
playing multiple annual account fees. Recent tax law changes allow
you to chop those fees by rolling all
your IRA's into your current employer's qualified plan.
Full Article
Bigger Tax Breaks for Adoption
Are you planning
on adopting a child? There may be a tax break for you. If you adopt a
child, you can generally claim a credit of up to $10,000 per child to help
cover your expenses. If your credit exceeds your tax, you can carry the
unused portion of the credit over to future years.
