Transcript for Top Tax Moves For 2012
2013. Is almost upon us but before you bring in the new year take some time. The thing about your tax returns for the year gone high here with. Five money saving suggestions as Jackson -- chief tax officer mark Steve are welcome back -- on for another year gone by I can't believe it town exciting year certainly there's a lot going on this year and your world I'm sure you are very very busy. But -- about some ways that people can save money this tax year. Well there's certainly a lot of uncertainty in the fiscal cliff and all that. And when I would tell people if there's certainly a lot to watch there but there are certain things you can do regardless of how that comes out one way or the other that they should give some attention to you right one of the things that -- been telling a lot of our clients and other taxpayers is. Look to your last year the two point -- tax year for your life changes but in many cases drive. Many more tax benefits than than the tax law changes that people may be worrying about and when we say like changes we're not just talking about. Babies and new home theater getting married in the bought a home -- the had a child those are certainly -- changes and they certainly change your tax return mostly to the favorable. But there are many other changes that are more -- Like taking care of a dependent parent which is becoming very commonplace that -- give you a new dependent on the whole host of other considerations very good points starting a business yeah starting a business they're talking about this earlier this is one a lot of people may not well over the year the economic here in the past few years as what a lot of people to either. Take another job which is not really different than than one big job but starting their own business homicide in their designated area of expertise would -- consulting marketing. Or or what have you and they start these small businesses which start small first. But -- get big very quickly and you have to make a lot of money to take advantage of the tax rules for depreciation mileage business expenses meals all of those things you capture all of those. One they may also that your income to a large degree or -- give you a business deductible loss so life changes can drive a lot of tax benefit a lot of deductions you may not be aware -- right there -- exactly what happened -- and tax moves you can say well you know year and is very important because a lot of people -- what can -- do after the year -- and that's kind of -- and stone what you get past 1231 regardless what the rules -- there's only a couple things you can do. Namely an IRA deduction those are still good up until tax due date. But there are things -- many people have found to be tried and true. And and -- look to the future a little bit to see what the new laws are but like making that last charitable contribution paying that last mortgage payment a little bit early. Accelerating some of those education expenses and getting those deductions into the current year. If you in fact believe this year's tax rates will be better than. The next year if in fact you think tax -- -- going up you may want to push those deductions to next year the economy got to make an act of faith on what you think the rules are going to be. But if you -- -- lower this year's taxes there's always a few things you can do like. And there are a lot of questions about what the -- will be obviously with the fiscal cliff looming before us is this a particularly good year. To talk to a professional attacks prepare well -- -- it sounds a little self serving coming from a tax professional. But this year I've seen a lot of great concern in you know worry about people -- them -- I missed something and that's usually a true statement. But this year more than ever you probably want at least if not pay someone to -- -- return have someone you can consult -- to understand what the changes -- once they come into being. Just to make sure you don't -- something off your tax return. Because as good as our tax system is there is no fail safe system if you leave off a deduction leave offer credit you leave off -- benefit. You leave -- -- W -- your income they'll find you you leave off a predator benefit not surmise that the great here. To get some help to find that person that can at least advise you and if not prepared all the way around for -- And talking about being prepared -- which were saying about. You have to read possible scenario than you haven't worked out weathered the fiscal -- goes. Oh there are no critical and more happy days -- tea or some extension of the rules it's great that you got battle we're gotten -- all you need to set yourself a target date for filing -- -- With all this going on a lot of people are saying -- just wait till they get it all fall -- it's not due until April 15 anyway. And what I always tell people is that the tax return your tax filing major single largest biggest financial transaction each year. You need to give it some attention as with any big event in your life. And you can never start early enough I know it's it's complicated say start getting your documents now when the walls having been set for this year. But it's a good your -- -- find what you're gonna do start issue box understand what the rules -- and buying -- -- I mean watch the news watch articles and media like this I'd start -- yourself mentally prepared to file early because that's my final piece of advice file early as you can that's always a good good idea file early and be prepared remarks Siewert thank you so much for helping -- here get prepared to video to get a bigger refund that's how it.
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