Increasing Your Tax Deductions For 2011

With 2011 right around the corner, now is the time to be thinking about your deductions for 2010.

When tax time is here, be sure to add the following to your list of possibilities.

  • Whether it is a traditional IRA or a Roth IRA, saving more can help lower your taxable income.
  • If you donate any goods or money, make sure you get a receipt for a tax deduction!
  • During 2010 if you purchased a new home by April 30th you can get an $8000 tax credit if you are a first time home buyer and $6500 for an existing home buyer.
  • This may be a good time to sell investments, through the end of 2010, there is no long-term capital gains tax for those in the 10 percent and 15 percent tax brackets. For everyone else, capital gains top out at 15 percent. There is a chance that capital gains tax could rise up to as high as your marginal tax rate
  • Home improvements are another way to reduce your tax liability. Consider replacing windows, adding insulation, or sealing duct work and get a 30 percent credit, up to $1500.

For help in finding and closing on your perfect Hoboken home, contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, a progressive city  where they’re always coming up with new ways of making it a better place to live, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.

 

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Explore posts in the same categories: Hoboken Homes, Home Buying, Live in Hoboken

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