A few more last minute items:

Be giving and sure to get a receipt. The IRS requires a receipt for ALL charitable contributions both cash and non-cash. For non-cash items, you must also have an itemized list of the items donated. For a current list of Salvation Army donation valuations, go to our website, www.sscservices.com, look for the “Forms” button and download the worksheet marked “Non-Cash Donations”. You can use this as your itemized list, just be sure to attach a receipt from the organization who received the goods.

Review your portfolio. If you have capital gains from sale of stock or from mutual funds, consider selling some losers. If you like the stock and want to own it again, you will have to wait until day 31 after the sale to buy it back or you cannot recognize the loss.

Go Green – there is still a small window to do energy savings improvements to your home such as new windows, doors, siding, roof, furnace, or air conditioning. Congress has extended the energy credit to December 31, 2008.

If you are a teacher or someone who works in the classroom with students, you might be eligible to deduct up to $250 from gross income fro supplies you paid for and were not reimbursed. Be sure to gather all receipts. If you spend more than $250, you are still entitled to the excess deductions as miscellaneous itemized expenses.

Call us to make an appointment to prepare your 2008 income tax return. Remember, we value all of our clients and we are always looking for new clients if you are looking for a new preparer.

Be sure to have a safe and happy holiday season!

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.