OCR Text |
Show Liberty Tax Service Offers Free Would you like a tax cut this year1 Of course, so why not take some time to assess your tax situation while there is still time to reap tax savings before the year's end? Tax planning and organizing records could mean substantial savings, even in these final months of the year. To form a taxsaving strategy, first check on deferring income into the. next tax year. Carefully organize receipts, canceled checks and other records that may represent deductions and credits for filing a 1999 return. Familiarize yourself with any lax changes that affect you. and the life changes like getting married or buying a home that impact your tax situation. Timing is important when it comes to some of life's changes and their tax consequences. Any child Kim before January I. 2(XX) can be claimed ax a dependent by the parents for the entire year. If a couple marries before the end of the year, they are considered married for the entire year by the IRS. The best lime -- f year to purchase a Kune is the early part of the year. That way, there will be more months of mortgage interest that should be deductible. If you're due bonuses or commissions or getting a raise around the end of the year, try to defer those past Dec. 31 so this income actually in the occurs year . 2000. Selfcmploycd persons generating billing for their services can send bills out Dec. 31. Consider delaying sales of stock that would generate a gain a little longer to postpone additional capital gains income. Try to claim any winnings from lotteries or contests after the first of the year. Pay now so you don't pay later. Contribute to a Roth IRA or traditional IRA before April 1 5- -. The IRS is giving taxpayers until the end of the year to change their Roth IRA contributions or conversions for 1998 back to traditional IRAs. This will be especially important for those who converted a traditional IRA to a Roth IRA but later found that they were nut eligible to do so. Details are in IRS News Release IR 199978. It may be possible for you to adjust the contribution of your 40K through your employer before year's end. A taxpayer who has itemized Midway Floor Coverings Vinyl & Hardwood Laminate Floor Mohawk Stainmaster, Trackless & Crush Proof Carpet Free Estimates Guaranteed Installation Best Installers Around RollsRemnants In Stock Full Showroom: 1 40 North Center Midway 654-281- jts. Page A7 The Summit County Bee December 24, 1999 - 6 iS$ ' - de- ductions the previous year and plans to itemize this year, should scrutinize all deductions for the previous year, and see what additional deductions may be possible. For instance, a firsttime home purchase during the tax year can mean a plethora of additional itemized deductions like mortgage interest, real estate taxes, and some closing expenses. In addition. this new homeowner may discover new deductions like charitable contributions. All homeow nen w ho can afford to make extra mortgage payments before the end of the year will have more mongage interest to deduct on their 1999 return. Pay a January mongage payment in December. See aKnil paying future real estate or personal property taxes before the end of the year. Medical expenses can be deducted if they exceed 7.S percent of gross Thai's usually a substantial sum. so plan ahead for expensive denial work or other medical treatment if possible so that the money is spent in one tax year. If you're dose to the deductible amount, schedule an additional dentist visit, purchase of glasses or contact lenses, or routine physical exam before the end of the year. IXm't forget that mileage to and from a doctor's or dentist's office is also deductible. The IRS allows the mileage to a pharmacy to pick up a prescription as a medical expense. If you arc covered by a cafeteria health plan at work, use the balance of your flexible health accounts since they probably won't carry over to the next year. Are you job hunting in your current profession? Speeding up your job search in the final months of the year may create more miscellaneous expenses for you. F.xpenses for resume printing, mailing your resume, longdistance plume calls to prospective employers, and the cost of or mileage involved to and from job inters iews is lax deductible. Any purchases necessary to do your current job that won't be reimbursed by your employ er can be made now to deduct while filing your 1999 mileage driven to work on a charily is tax deductible loo. Be suie that you haven't over- event looked the many recent tax changes that could be K'neficial. Die Child Tax Credit increases this year to $500 for every child under age 17 in families whose income is less than If you or a family ment-he- r is in school. yru may qualify for $1 K).(KK). the Lifetime learning Credit or Hope Scholarship Credit. Those who qualify for the Lifetime Learning Credit may deduct 20 percent of up to $5. (XX) of qualified tuition expenses for college students at the undergraduate or The level. Hope graduate deducenables a Cicdil Scholarship tion of up to $I.5(X) of college tuition expenses. If you've adopted a child this year, you may qualify for the Adoption Credit. This credit allows up to S5,(XX) in adoption expenses to he deducted, and V.UX) if the adopted child is a special needs child. If the household income is higher than S75.txxi. the deductible level may K less iv phased nut. U.S. return. Making charitable donations to your church or an IRS approved chanty will help your tax situation. Why postpone cleaning out your closet any longer? Those clothes and items that you're holding onto, but never use or wear can be donated to an IRSapproved charily, and the fair market value written off as a charitable donation. Be sure and save receipts when you donate. Gel additional documentation for any item valued over $250. Many nonprofit organizations accept money donations made by credit card, which means this calen- Subscribe 23E income. Planning Help Year-En- d dar year. Don't forget that the dixoo Piogram. Bristow enlisted in the Army for four years through the Army's Delayed Lntry Piogram and will receive $40.1 mi) through the rmy College Fund upon completion of his military service. He completed basic training at Fort Jackson. SC. and advanced individual training at Aberdeen Proving Grounds. Ml). with a specialty as a Wheel Vehicle Repairer. While assigned to the South Salt Lake Recruiting station. Bristow will work as a Kcciuitcr Assistant with Staff Sgt. James B Chandler Biistow speaks enthusiastically about the opportunities and naming the Army has to otter Biistow is j (ooo graduate ot North Summit High School in Coalville. Alter completion of his HRAP assignment he will leave tot loit HiskI. 1. AT DISCOUNT PRICES STDHL LAWN-BOWhen you want it done right. By January 2KK), Liberty Tax Service plans to have approximately a total of 5(X) offices, including one in Orem and five in the greater Salt laike area 1 he company specializes in computerized lax preparation, electronic filing, and refund anticipation loans The company is ranked 144 on l.ntreprcneur Magazine's list of top 5'X) franchises, up from 405 the previous yeai. and ranked 58 on l.ntreprcneur list ol fastest growing Iranchises. Hometown Recruiter-Assistanc- e Program Pvt. C.J. Bristow, son of Thayne and Iam Bristow, of Coalville, recently amved at the Smith Salt Lake Recruiting Station as a volunteer for the U.S Army Hometown Recruiter-Assistanc- e As you closely examine your taxes, and discover (hat you have prev iously overlooked deductions or credits, you may amend your return up to three years back. By filing an amended return, you may be able to recoup taxes paid for these overlooked deductions. If you have any questions about taxes, or tax planning, call Liberty Tax Service office in the University Mall. Orem. IT at 8012243744. Liberty Tax Service is the second largest international tax sen ice with offices in the United Stales and Canada. Selections In-Sto- re Y Snowthrowers Purina Mills, Inc. Toll Free: wh uality Animal Feed PACK HORSE CUBEPELLET HORSE CHOW 100 OMOLENE 100, 200, 300 STRATEGY PMI DOG AND CAT FORMULAS AND MUCH MORE SALE LIMITED TO STOCK ON HAND )R COPY mepm Local: (435)654-156- 1 Address: 345 North Main Street Heber City, Utah www.moultonmachinery.com Come in early for the best selection! Sale runs through the end of this year teiteiiisajcartj Yu$&iaib |