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Reduce Your Taxes This Year
from:We’re all looking for ways to save money. And, one of the best places to look for savings is in your taxes. There are lots of ways to reduce your taxes; so make sure that you’re taking advantage of each and every one that’s available.
Reduce your taxes by making your home energy efficient. When it’s time to make home improvements, be certain that you’re making energy efficient ones. Not only will buying, let’s say, an energy efficient hot water heater save you money on your utility bill each month, but if you purchase a hot water heater that is Energy Star rated, you’ll reduce your taxes in the year you purchase it, as well. Energy Star is a government program for rating the energy efficiency rating on products. So, be certain when you purchase large appliances, or other things like replacement windows, that they come with the energy star rating. Save your receipts and use them when you file your taxes to figure the deduction. The deduction is typically 10% of the cost of the appliance; for replacement windows the maximum deduction is $200.
Make your home solar - You to claim a credit for 30% of the cost of installing solar water-heating, photovoltaic, or fuel-cell equipment in your home, up to $2,000 total. No credit is allowed for equipment used to heat a swimming pool or hot tub. Again, this is a great way to reduce your energy expenses month after month and reduce your taxes.
Buy a hybrid car – You can reduce your taxes by purchasing an energy efficient car, like a hybrid. There are tax credits available for a variety of fuel efficient automobiles. Check out the credits before you buy – in some cases you can qualify for over $3000 in tax credit. In addition, you’ll save money on fuel each and every month that you own the car, and you’re doing the environment a favor, too.
Take a look at your stock portfolio – If you have some stocks that have tanked since you purchased them, now’s the time to sell them. When you sell stocks at a loss, you can deduct the loss from your taxes. And, when your stocks are doing well, you’ll reduce your taxes when you sell them by holding on to them long term. Long term capital gains taxes on stocks are around 15%, while short term capital gains taxes can be up to 30%. So, if you’re thinking of selling a good stock, be certain to check on how long you’ve held it.
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Tax Savings Strategies News
December the best time to evaluate tax breaks for clients (Investment Executive)
With the end of the year approaching, Canadians seeking tax-savings opportunities should be diving into their annual tax planning now rather than waiting until the spring, according to CIBC’s managing director of tax and estate planning, Jamie Golombek.
Read more...10 Year-End Tax Planning Tips from Grant Thornton (SmartPros Accounting)
Dec. 1, 2008 (SmartPros) It's not too late for you and your clients to consider some late tax planning strategies, according to Grant Thornton.
Read more...Thomas Cook reports 32 percent rise in full year pre-tax profits (eyefortravel.com)
Thomas Cook has shared that its underlying pre-tax profit increased by 32 percent in the year to September to 309.3 million pounds ($459 million) as it benefited from increased revenue and an improved operating margin.
Read more...The race is on: trim your taxes in time for 2009 (CNW Group via Yahoo! Finance)
For most Canadians, the weeks leading up to the holiday season are chaotic enough without the added stress of thinking about your annual tax filing. While it is tempting to put off tax-planning until the spring, by then it may be too late to realize a variety of 2008 tax-savings opportunities.
Read more...New Equipment Tax Incentive Ends in 29 Days (ThomasNet)
The Economic Stimulus Act of 2008 enables businesses to expense up $250,000 for new equipment purchases and write-off up to 50 percent of the equipment's cost, but they must act before the end of the year to take advantage of the federal government's offer.
Read more...