Wednesday's tax tip - Volume 14

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.

Wednesday's tax tip - Volume 13

Reminder.....

If the 4th quarter, 2007 federal and state of Ohio estimated payments are due before 1/15/08. I recommend that if you itemize, pay your state estimate prior to 12/31/07. By doing so, you'll be able to deduct the estimate for 2007.

If you have any questions about your estimate, email me at gtvcpa@yahoo.com.