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Show The Stew Pot 18 hearty homemade meals -s financial planning v mmmj ' 1 Kathy Eiigle MarkHulet Written by HULET& ASSOCIATES Certified Public Accountants YEAR-ENDTAX PLANNING What can you do to cut your taxes for 1984& Some facts and suggestions to consider. If you have borrowed money and the note is coming due, do not "pay" the interest by renewing the loan and adding on the interest. You will lose your deduction for the interest expense. Instead, if you don't have moeny to repay the loan and the interest, borrow from another source and repay the original source. Your interest paid will then be fully deductible. If you are planning to buy new business equipment sometime after the first of the year, buy before December 31st. You'll get your first year depreciation deduction and investment credit on your 1984 tax return rather than having to wait a full year for them. If you are receiving social security benefits, do your tax planning with the realization that if your adjusted gross income exceeds a certain level, some fo the social security benefits may be taxable. Pay deductible expenses before year-end with a credit card. You'll get your tax deduction for 1984 but your cash outlay is postponed until you pay the credit card company. State income tax refunds have always been taxable if you previously deducted them on your federal tax return, If you've been somewhat careless about claiming such refunds as income, you'll now want to be conscientious. States are required to notify the IRS of income tax refunds they have paid. The alternative minimum tax is hitting more people than ever, and it could affect you. If your income range is $100,000 or more and you have some tax preferential income such as long-term capital gains and accelerated write-offs, do a tax estimate before year-end. If you're affected, see what steps you might take to avoid the tax. 550 MAIN STREET, PARK CITY, UT 645-7390 445 EAST 4500 SOUTH, SLC.UT 261-3459 aBjaaaaaaagaaByaAafaaafaaVBaaa1aanBBaah1ana "Exclusive Residential Development" I Luxury Homes on incomparable view Building Sites I Private Road with Security Entrances at Park City and Deer Valley 1 5 minutes to all Park City services, shopping, restaurants and Ski Areas. 1 Private Tennis and Swimming facilities (completed by Spring '85) B Great Financing terms available I Why be one among many when you can be above them all at the Aerie? From $120,000 Talon Marketing 649-2264 (weekdays) 645-7940 (weekends) Broker participation welcome Office and Homes open on site 11-5 |
