Time is Running Out!
Video: Last Minute Tax-savers!
Even with the end of the year coming soon, there's still time to make some smart tax moves that could boost your refund.
Take advantage of deductions and credits you may not be aware of and before they expire-
Every year, billions of dollars in tax deductions and credits go unclaimed. How do you know you are taking of advantage of everything available?
At this time of year, most Americans are too busy with the holidays to even think about taxes - but taking action before December 31st may boost their tax refund and put some extra money in their pocket. While some tax laws were extended in 2010, some are set to expire Dec 31. Taxpayers should take advantage of the tax benefits available in 2011 to receive the refund they deserve.
Bob Meighan, CPA and VP of TurboTax, will provide your viewers with an understanding of tax-savvy moves to maximize their refund, including:
- Deductions and credits: Understand which deductions you should claim this year, or push off till next year for the best tax outcome.
- Maximizing retirement accounts: Contributing to retirement accounts before the end of the year will decrease taxable income, boosting this year's refund.
- Donate to Charity: Not only will this make people feel good - but, it may also get them a bigger refund at tax time.
- And More: Taxpayers may want to prepay some of their 2011 bills in 2010, such as mortgage payments, consider selling off losing investments or take advantage of laws that will soon expire.
Bob Meighan, CPA and VP of TurboTax, is the past chairman and current member of the Electronic Tax Administration Advisory Committee. He joined Intuit in September 1991 and served most recently as vice president and general manager of the consumer tax group. Prior to joining Intuit, Mr. Meighan spent 11 years with the 'Big 6' accounting and consulting firm, Price Waterhouse, where he served as a senior manager in the advanced technology group. Because of his extensive tax knowledge, Meighan has been featured on ABC News, Fox, CNBC, CNN, Bloomberg Radio, and countless local and national television and radio programs, as well as contributing tax tips and information to the Wall Street Journal and New York Times.
