Last Minute Tax Tips for 2010 - WTVM.com-Columbus, GA News Weather & Sports

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Last Minute Tax Tips for 2010

By Zaneta Lowe  - bio | email | Twitter

COLUMBUS, GA (WTVM) - Believe it or not, you have a few weeks left in the year to maximize your tax savings.

We talked to some area tax advisors to get some tips.   For starters, experts say get a folder and label it, so you can have one place to put all your tax related forms.

"W2s, 1099s, some forms are coming in now from brokerage and stocks," says Steve Brown of Mr. Tax of America.

Another tip, go ahead and make any charitable contributions before December 31st.

"Over $250, you need to keep your receipts, if you're giving non cash items, over $500, you have to have a detailed list of what you gave, adds Brown."

"Same with medical expenses you may see coming up go ahead and pay for those," explains Jason Pease at Robinson and Grimes.

Also, don't leave any money on the table in those flexible spending accounts.

On another note, Pease says 2010 marks the first time anyone can convert a traditional IRA into a Roth.

"In the past, there's been income limitations on that, but for 2010, the income limitation was waived."

So you've got a few more weeks to take advantage.

The same is true for an energy credit.

"They've got until the end of the year to insulate their house and take the 30% tax credit, so if you need storm doors or windows or insulation, do it now," Brown says.

Keep in mind Congress has yet to vote on this year's rules, so there are plenty of deductions that have expired, that may be reinstated.  Plus, there are the Bush era tax cuts to settle.

Click here to see a list that Yahoo finance put together of critical tax changes for this year.


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