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Be sure to pay all tax-deductible items by December
31, 2007. Credit card charges for deductible items
are considered cash-basis payments when the charge
is made, even if you do not pay your credit card
bill until 2008.
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If you are self-employed, delay some of your
year-end customer billing until January, thereby
pushing some income into 2008.
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Be sure to pay real estate property taxes by
December 31, even if they aren’t due until January
2008.
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If you have or will incur capital gains in 2007 and
happen to own stocks that would result in a loss
when sold, you might consider selling them before
year end in order to offset the capital gains.
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If you don’t already have an IRA but plan on opening
one, you must do so before December 31, 2007.
Contributions to IRAs for the year 2007 must be made
by April 15, 2008.
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Get your tax return prepared early and out of the
way.
IRS charges interest and late-pay penalties on all
taxes due for 2007 paid after April 15, 2008, even
if you file for an extension.
This article is provided as an
educational resource for your guidance, and is
strictly informational. It does not constitute
legal, accounting, or other professional
counsel. Nothing included herein implies a
recommendation by the author, the
IBOA International, or
Amway Global, of any course or method of
regulatory compliance. Readers and users who
intend to take, or refrain from taking, any
action based on information contained herein
should first consult with their qualified tax
advisor, preferably a C.P.A., or appropriate
regulatory authorities.
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