Welcome!
We are down to a month before the New Year kicks in. If you have not taken the time to analyze the tax planning opportunities all is not lost. You still have a few days remaining in December.
As my business continues to evolve and grow, I want to thank those clients who sent me referrals. Keep mentioning my name to your colleagues, friends and family, as I truly appreciate your referrals.
Some of Jaya’s 30-day last minute tax tips that you still can take advantage of before 2011 is over are:
As an employee, if your employer offers a retirement savings plan, you still have time to maximize your 401k or Simple plan contributions for 2011. For 2011, the maximum limit you can contribute to your 401K plan is $16,500. If you are over age 50, you can make an additional contribution of $5,500.
The maximum limit to contribute to your Simple plan is $11,500. If you are over age 50 the catch-up contribution for the Simple plan is $2,500. Some of you may qualify for an IRA deduction of up to $5000.
Some of you may be eligible for the health care savings deduction. If you are an Indiana resident, you may get a tax deduction for contributions to the 529 Choice education plan.
You can still make a charitable contribution to your favorite charity. Make sure you obtain a receipt for monetary donations exceeding $250. If you plan on making any non cash donations such as household goods, clothing and other items, make sure you have good records documenting the fair market value, the cost, date acquired, and how you acquired the items.
You can call Jaya A. Naiken CPA to guide you and answer your questions to maximize your tax deductions.
Happy Holidays.
