End Year Tax Tips

1.Go green: This is the last month homeowners can qualify for a 10% credit on their 2011 tax return for making energy efficient improvements.
2.Prepay Spring tuition: A taxpayer can receive up to $2,500 on college tuition and books for each qualifying student through the American Opportunity Credit.
3.Make any big purchases by 12/31 if you live in a state with income tax: The deduction for state sales tax is set to expire this year unless Congress votes to extend it.
4.Use up your Flexible Spending Account (FSA): If you still have money left in your FSA, don't let it go to waste.
Make charitable contributions: Donating clothing & household goods by Dec. 31 for a deduction on your 2011 return.
5.Accelerate payments that can provide tax deductions: You can claim the interest or real estate tax deduction in 2011 if you prepay your January 2012 mortgage or property tax bill by Dec. 31, 2011.
6.Pay deductible expenses by credit card: If you charge expenses by Dec. 31, you can deduct them on your 2011 taxes even if you don't pay the credit card bill until January.
7.Offset capital gains: If you have any investments that have generated deductible losses, you can use the losses of those you sell through the end of the year to offset any gains.
8. Start your home based business before the end of the year. Read my blog at http://www.empowernetwork.com/stacyflores/blog/discover-how-to-get-prospects-without-breaking-the-bank/
to learn more about running a home based business.