End-of-year tax tips

Wednesday, 14 December 2011 14:46

End-of-year tax tips

Written by Scott LaMar, Director of Radio Smart Talk

Radio Smart Talk for Thursday, December 15:

With just over two weeks to go before the end of the year, there still are steps you can take to soften the blow of your 2011 federal income taxes. Maybe that means making some energy saving home improvements, pre-paying college tuitions or contributing more to charity, but there are moves you can make to limit your tax bill.

On Thursday's Radio Smart Talk, two certified public accountants will join us to answer your questions and offer end-of-year tax tips.

With all the excitement surrounding the holidays and considering how busy it is this time of year, this is a program that may be helpful when looking ahead.

What end-of-year tax questions do you have?

LISTEN TO PROGRAM:

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comments

# lori 2011-12-15 10:22

i'm with jim - i'm proud to support the services that the taxes i pay provide. i'm lucky enough to still be working in this sad economy, and my little bit that i contribute toward our society's maintenance is fine by me. the corporations and b/millionaires who pay expensive accountants and attorneys to get out of paying taxes are unAmerican in every way. honest people should pay their way when they're able to; thieves and cheaters who try to evade paying should be publically humiliated for thier evasion.

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# Lisa 2011-12-15 10:39

I'm one of the many teachers in the state who left the profession last spring due to budget cuts. Unlike some of my colleagues, I was "old enough" to access my PSERS money, so I'm retired at age 56. Suddenly, I have a lot more money in 403(b) accounts and an IRA than I ever did before. In prior years, I was able to fill out my own tax forms. Would you suggest that I turn this over to a professional this year? In addition, I'm planning to start using the money from the account set up by the school district for the early retirement incentive money and the reimbursement for unused sick days to assist in paying for my insurance - vital for me to keep since I'm a kidney transplant patient!

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# J. 2011-12-15 10:46

I have seen news reports stating that online or mail order purchases are subject to PA State sales tax. If the retailer has no outlets that reside in PA, doesn't this violate the Interstate commerce clause of the Constitution?

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# Louise 2011-12-15 10:47

Please let us know about federal and PA state taxes on social security income. I understand that federal tax applies when a person's income exceeds $25,000. This is my first year receiving Social Security. Is social security included in or excluded from that amount? What is included?

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# Jennifer 2011-12-15 10:49

What if you had windows installed in 2010, but paid for them in 2011? What year would I use the energy tax credit?

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# Julie 2011-12-15 11:01

We got a PA Sunshine Grant this year. My understanding is that there was a lot of confusion last year over whether the money (which PA decided to report on a 1099-Misc) was a reduction of basis or income for federal purposes. How do I report the money that I got this year?

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# Kelly Seaman 2011-12-15 11:04

We incurred damage to our basement during the flood... lost flooring and other items. We have an $800 bill from our plumber and $350 for the dumpster and $100 for a new dehumidifier. We were denied funding from FEMA.

Is there anything that we can do, with regards to taxes, to possibly get reimbursement money?

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# John Steffee 2011-12-15 12:37

Maybe. You have a Casualty Loss which is deductible to the extent the non-reimbursed costs exceed 10% of your Adjusted Gross Income plus $100. You'll need Form 4684 to calculate your loss. That amount will be added to your other Itemized Deductions on Schedule A of your tax return. Unless you already itemize your deductions, you probably won't get any tax benefit from this loss. You can get any refund available more quickly by amending your 2010 tax return using Form 1040X. If you have any further questions, please contact me.
john@prstax.com

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