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IRS: SIGNING THE DEAL ISN’T ENOUGH TO EARN A DEDUCTION
The IRS yesterday spelled out (Rev. Rul. 2007-03) the rules for when deductions are available to accrual method taxpayers for insurance and service contracts. It also issued a procedure (Rev. Proc....
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DON’T STOP GIVING YET
Just because it’s December 26 doesn’t mean you should stop giving – at least not if estate planning matters to you. The tax law allows you to give $12,000 tax-free to any individual donee each year....
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YEAR-END PLANNING – WHERE TO DRAW THE LINE?
I’m a big fan of year-end tax planning. Still, you can overdo a good thing. Dr. Maule discusses a recent New York Times story that points in that direction, anyway: In the story, To-Do List: Wrap...
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THERE’S STILL TIME TO FUND YOUR COLLEGE SAVINGS IOWA PLAN
December 31 is the last day you can fund a contribution to College Savings Iowa and still get a deduction on your 2006 Iowa personal tax return for it. College Savings Iowa is Iowa’s “Section 529″...
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WHEN DO I HAVE TO PAY IT TO DEDUCT IT THIS YEAR?
Tomorrow is the last “business day” of the year. If you have a business, what do you have to do before 2007 to get a 2006 deduction? CASH BASIS TAXPAYERS If you file your business returns on a “cash...
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OTHER YEAR-END PLANNING LINKS
If you’ve had all the year-end planning tips from me that you can stand, maybe you should get out and see the tips at Don’t Mess With Taxes and Gina’s Tax Articles.
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DEDUCT NOW, PAY LATER
If you are still looking for a last-minute deduction, remember: charitable donations made with credit cards before the end of the day December 31 are deductible this year, even if you don’t pay your...
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YEAR-END CHECKLIST
On the last business day of the year, let’s review a few last-minute items for your year-end tax planning: Consider whether you need to get your checks issued by year end to get your deduction this...
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LAST DAY OF THE TAX YEAR
It’s a bit much to expect to do a year’s worth of tax planning in one day, but you can still do a few things, if you really try. The easiest deduction you can get today is to give a charitable...
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DOG BITES MAN, IT’S COLD IN IOWA IN DECEMBER…
…Senate fails to agree on how to fix AMT, and… Larry D. Harvey loses three cases in Tax Court on whether you have to pay taxes on income earned in Antarctica. If you’re counting, he’s 0-61.
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