Tuesday, November 06, 2007

Cleaning Out Your Tax Fridge

With tax season just around the corner, and tax laws changing all the time, many individuals and small businesses will be looking for the right ingredients to prepare their new tax return entrees for 2008. As with any great entrée one prepares, it all starts with your ingredients. To ensure that your taxes are prepared with the freshest and latest tax changes, here are some tax provisions that will be expiring by the end of the year (2007) that you will need to clean out of your tax fridge:

1. AMT exemption amount
2. State and local sales tax deduction
3. Qualified tuition deduction
4. Residential energy credit
5. Conservation contribution
6. IRA distribution to charities
7. Educator deduction
8. Mortgage insurance premiums
9. S corporation contributions
10. Research credit
11. Contributions of food, books, or computer technology

12.Leasehold and restaurant improvements

Be sure to check with your tax advisor for the expiration date of these provisions and details on how to use them for your tax entrée this year.


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