Take advantage of last minute tax deductions - WTVM.com-Columbus, GA News Weather & Sports

Take advantage of last minute tax deductions

By Zaneta Lowe  - bio | email | Twitter

COLUMBUS, GA (WTVM) -"The phone rings off the hook this time of year as people are starting to think about taxes," says local accountant Steve Brown.

So what can you do to dig deeper into those deductions?

Here are some tips according to Brown:

Education

  • Pay any college tuition bills before December 31st
  • Make any day care payments in full before the end of the year to take full advantage of the child care tax credit

Health care

  • If you have a flexible spending plan, use it up.
  • If you've met health care deductibles for the year, schedule those last few appointments to maximize coverage.

Make stock losses a gain.

"If it's in a regular account, you can take up to $3,000 a year in a stock loss, so you might want to consider selling some of your stocks to take advantage of the loss," says Brown.

Charitable Contributions/Donations

  • Taxpayers can make tax deductible donations to churches or charities. If donating used goods, keep a good list to equate financial value.


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