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Individual Tax Savings Tips

by Tim Schlotterer

Although the Senate’s vote of 50 to 49 on October 11 may have killed the debate on the American Jobs Act introduced earlier this month, portions of the bill may still be considered separately.  Final legislation on items such as payroll tax cuts for employees and employers and surtaxes on millionaires will have to wait.  Until then, here are some tax deductions and credits that are available for 2011:

Just because you have until January 15, 2012 to make that 4th quarter estimated state or local tax payment, doesn’t mean that you should wait.  If you are a taxpayer who is not subject to Alternative Minimum Tax (AMT), state and local tax payments made before December 31, 2011 can be deducted as an itemized deduction on Schedule A for the 2011 tax year.  Payments after that can be taken on the 2012 return.  Property taxes, mortgage interest, and charitable contributions have the same rules.  So, write those checks before December 31st!

If you had expenses for education, you may qualify for certain education credits and deductions.  Whether it is for tuition and fees, travel expenses, interest on your school loan, or work-related education, there may be an opportunity for tax savings.  To help determine which expenses could qualify, contact your GBQ tax advisor.

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