Tax saving Strategies

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Generally to save taxes the overarching strategy is to decrease taxable wage and/or increase deductions. In this report I discuss a few items that can help along this path to savings. First, one can defer wage and/or accelerate deductions. There are two reasons that deferring taxable wage makes sense. Most individuals are in a higher tax bracket in their working years than they are while seclusion and so deferring wage until seclusion may effect in paying taxes on that wage at a lower rate. Secondly, with tax-deferred seclusion accounts you can positively spend the money you would have otherwise paid in taxes to increase the amount of your total seclusion fund. Deferring wage can also work in the short term if you expect to be in a lower tax bracket in the next year or maybe you can take advantage of lower long-term capital gains rates by holding an asset a minuscule longer. Furthermore you can get the same effect of deferring wage by accelerating deductions. One example is paying a state estimated tax installment in December instead of at the following January due date.

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Next, one can defer bonuses. If you are due a year-end bonus, you may be able to defer receipt of these funds until January thereby deferring the cost of taxes (other than the quantum withheld) for other year. For the self-employed, defer sending invoices or bills to customers until after the New Year begins. This can defer some of the tax, field to estimated tax requirements. Note, however, that the amount field to social safety or self-employment tax increases each year.

Next, one could accelerate capital losses and/or defer capital gains. If one of your investments has an accumulated loss, it may be advantageous to sell it prior to year-end. Capital losses are deductible up to the amount of your capital gains plus ,000. If you are planning to sell an investment which has an accumulated gain, it may be best to wait until after the end of the year to defer cost of the taxes for other year (subject to estimated tax requirements). For most capital assets held more than 12 months (long-term capital gains) the maximum capital gains tax is 15 percent, but is set to expire at the end of 2012.

Finally, one could bunch itemized deductions. Plainly put, itemized deductions, like medical or employment related expenses, are only deductible if they exceed a determined thresholds. It could be to your advantage to delay paying in one year and/or prepay them in the next year to bunch the expenses in one year. You stand a best opportunity of getting the deduction this way.

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