Tax Deductions

With this being the last week of the year, some people may be looking for some last minute, year end tax deductions. For people who itemize their deductions on their income taxes, making last minute charitable contributions could help and make some needy organizations just a little bit happier during this season of giving. Check with the organization to make sure your contribution will be counted for this year before you make that donation! For those who may be expecting to make more money next year, you can pay some of your January expenses early and write them off your taxes for 2009. A good example is paying your January home mortgage payment early. That could help raise your mortgage interest deduction. Just remember that next year you will only make 11 payments unless you keep the strategy up and make an extra payment or two next year.

For those concerned with last minute IRA and HSA deductions, don't worry. You have until April 15th to make contributions for 2009. As always, please consult your tax advisor for specific tax ideas or questions relating to your own unique situation.