Tag Archives: reducing liability

Year end tax planning

Now that 2012 is coming to a close, I’ve been thinking of what we might do to mitigate some tax impact. This year, we had several things happen –

1. My husband sold his business

2. We purchased a house

3. We still have 1099 income tax to pay from 2011

Given these, I am a little nervous about what taxes we’ll have for 2012. The home purchase won’t have any tax implications (except mortgage interest deduction, of course), but the business sale sure will. So in anticipation of that, I haven’t been completely disappointed by stocks tanking. I recently sold all the ones that had the biggest loss so we would have write-offs, but still not sure what else we can do.

I am expecting to write off the following:

– home office

– cell phone

– auto lease (his)

– Investment into SEP IRA

– property tax  (I know interested is, and I’ve read conflicting reports that this is or isn’t deductible. I’ll need to confirm with CPA).

Does this sound like a comprehensive list? If there are more, please let me know!

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