As we approach year end, you may want to consider accelerating the payment on things like medical expenses, charitable contributions, state and local tax payments, etc.
These itemized deductions are deductible when paid, not when incurred or due. As a result, if you find that you have a spike in your income this year, you may be able to offset that income by paying your real estate taxes now rather than wait until January of next year.
If you have any questions about the tax deductibility of certain items, feel free to email me at
gtvcpa@yahoo.com.
12-26-2007, 07:24 PM
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