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End Of The Year Tax Considerations

As we move into the fourth and final quarter of 2010, there are many things you should know. Keep in mind that filing your taxes is coming up soon. Do not wait until the last minute to get all of the necessary paperwork in order. Instead, consider what you will need to file your 2010 taxes next year. Here are a few basic things to consider:

For starters, remember that you should get in all of your charitable donations. Several charities will be asking for your help, especially around the holidays. So keep in mind that you will want to walk away with the necessary paperwork once you donate. If you have household goods to donate, make sure you get a receipt. You will want a letter from the charity stating the amount of money you have given them this year. Also know how much you can legally deduct. Talk to your tax adviser to determine this number. It will all depend on previous donations and whether you are filing with your spouse or as an independent filer. Donations from a business will also differ so determine these things before you run into tax problems later.

If you are a student or have a student dependent, make certain to get your student loans in order. Know exactly how much has been borrowed so that you may anticipate getting the appropriate paperwork next year. You might also be qualified to receive deductions based on interest from any federal student loans you might have.

If you've taken a new job this year, make sure you have the paperwork and receipts if you had to move more than 50 miles. Even if you don't itemize, you can still deduct the cost of such a move.

Finally, keep in mind that you can take deductions for improvements made on your home. As part of new green initiatives enacted by Congress recently, you can deduct part of the costs associated with making your home more energy efficient. This means now is the time to get those energy efficient windows or the new green appliances for your home.

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