• Charitable Donations ~Document mileage, cash and non-cash contributions.

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• Maximize Retirement Plan Contributions ~ Set up an IRA or SEP account.

  • For IRA, contribute up to $5,000 ($10,000 with non-working spouse) before April 15th.

  • For Roth IRA, contribute up to $5,000 ($10,000) before April 15th.

  • If self-employed, establish an SEP and have the ability to make contributions as late as October 15th for a prior year tax deduction.

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• Take advantage of any company matching 401(k) or other retirement benefit plans.

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• Participate in Company Benefits

  • Take full advantage of company reimbursement and flexible spending plans.

  • Contributions to plan save both Federal income and social security taxes.

  • CAUTION: It is a "use it or lose it" plan so calculate a conservative estimate to contribute.

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• When purchasing a new home:

  • When paying points, try to buy the home at the beginning of the tax year so you will have enough interest and taxes to itemize your deductions for that year.

  • Home improvements increase the cost or basis of your home so if you rent it later there is more depreciation allowed.

  • Therefore, save all receipts including those for landscaping.

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• Timing. Time your real estate taxes, mortgage interest, donations, employee business expenses and other allowable deductions in one year or the next to maximize your itemized deductions.

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• Investigate change in circumstances. What has happened during the year that might affect your taxes? (i.e., Did a relative move in or move out of your home? Did you hire a nanny?)

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• Save all receipts. The Internal Revenue Service can deny deductions that are not documented for business or tax purpose.

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• Record the business use of your vehicles. Mileage logs or other form of substantiation are required. See automobile questionnaire.

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• Do NOT make distributions from a qualified retirement plan before age 59 ½. They are subject to a special 10% excise tax.​

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