Selling any investments on which you have a gain or loss this season. For more on this, see Investment Loss and Benefits, below. If you’re a one-man shop, send invoices or expenses to clients or customers this season in order to be paid completely by the end of December. Caution: Keep an eye on the estimated tax requirements. 250,000 for wedded filing jointly) that produce them responsible for additional Medicare taxes or NIIT (see below). In December rather than at the January due date Pay a state estimated tax installment.

However, make sure the payment is dependant on a reasonable estimation of a state tax. Pay your complete property goverment tax bill, including installments credited in 12 months 2014, by year-end. This will not apply to home-loan escrow accounts. Make an effort to bunch “threshold” expenses, such as medical and dental care expenses (10% of AGI starting in 2013) and miscellaneous itemized deductions.

For example, you may pay medical expenses and dues and subscriptions in whichever calendar year they would do you the most tax good. Threshold expenses are deductible and then the extent they go beyond a certain percentage of adjusted revenues (AGI). Yr By bunching these expenses into one, then growing them out over 2 yrs rather, you have a better chance of exceeding the thresholds, thereby maximizing your deduction.

The latter benefits include Roth IRA contributions, conversions of regular IRAs to Roth IRAs, child credits, advanced schooling tax deductions and credits for education loan interest. If you know you have a set amount of income to arrive this year that’s not included in withholding taxes, upping your withholding before year-end can avoid or reduce any estimated tax penalty that might otherwise be due. Alternatively, the charges could be prevented by within the extra taxes in your final estimated tax payment and processing the charges using the annualized income method. The Alternative Minimum Tax (AMT) exemption “patch” was made permanent by ATRA and is indexed for inflation.

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Items that may influence AMT include deductions for state property taxes and state income taxes, miscellaneous itemized deductions, and personal exemptions. 40,400 for married people separately filing. Please, call us if you’d like more info or if you’re uncertain whether AMT pertains to you. We’re happy to assist you.

ATRA expanded the non-business energy credit, which expired in 2011, through 2013 (retroactive to 2012). You may declare a credit of 10 percent of the expense of certain energy saving property that you added to your main home. In some full cases, you may be able to declare the real cost of certain qualified energy-efficient property.