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Old 11-30-2008, 04:34 PM
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What are some of the tips to save on your 2008 Income Tax Liability?

Here are some of the ways a taxpayer can save on his 2008 income tax liability, assuming that the taxpayer would be itemizing on his or her 2008 income tax return.

1. Medicals.
Taxpayers should consider paying for their elective procedures in 2008 if they would either meet or exceed the 7 1/2 % of adjusted gross income threshold.

2. Estimated State Income tax payment.
Taxpayers should consider mailing their January 2009 estimated state tax payment in December 2008 in order for the taxpayer to be entitled to take a deduction for the State taxes in 2008 as opposed to tax year 2009.

3. Estimated Local Income tax payment.
Taxpayers should consider mailing their January 2009 estimated local tax payment in December 2008 in order for the taxpayer to be entitled to take a deduction for the local taxes in 2008 as opposed to tax year 2009.

4. Mortgage Interest.
Taxpayers should consider making their January 2009 mortgage payment on their principal residence before the end of this year, as this would allow the taxpayer to be able to deduct the interest portion of the mortgage payment in 2008.

5. Gifts to charity.
Taxpayers should consider accelerating their 2009 planned donations, but it is imperative that the taxpayers should mail these check payments by Dec. 31 for these gifts to be considered as a proper 2008 charitable contribution.

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