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QC02182016

18 The Queens Courier • FEBRUARY 18, 2016 for breaking news visit www.qns.com tax tips Year-End Tax-Saving Strategies for 2015 BY BARY LISAK A smart way to approach tax planning COMMUNITY interest normally is not deductible. 9. Fund or “max” out retirement plan. You can fund your traditional would be to look ahead, not or Roth IRA. Also, you can contribute back. Run through this list of taxsaving $18,000 to your retirement plan; ideas to make sure you’re add $5,500 if over 50. taking advantage of all the available 10. Investment losses. Stock losses opportunities to reduce your tax bite. can be deducted to offset gains or to Good tax planning will return taxpayers reduce your taxable income up to more dollars than clever tax $3,000. Any additional losses are carried preparation. over to the subsequent year. For 1. Accurate records. The best way example, if you are in the 25-percent to save on taxes is to keep accurate tax bracket, you would increase your records in a folder for year-end tax refund by $750. planning. Go through your check 11. Job-search expenses. If you register for appropriate deductions. search for a new job in the same field If you entertain for business, back or industry, you can deduct expenses up restaurant stubs with notations incurred, such as resume preparation or diary entries showing the date, and career counseling. If your place, name of person entertained search takes you away overnight, the and business purpose. travel expenses such as the cost of 2. Bunching deductions. You may children. New York State allows a 7. Gambling losses. If one has food, lodging and transportation are NEWSPAPERS find you don’t have quite enough deduction of $5,000 for single filers gambling winnings during the years, deductible. write-offs to exceed the standard and $10,000 for married. such as OTB or Lotto, and you itemize, 12. Property-tax reduction. Many deduction. In that case, see whether 5. Estimated state taxes. If sent you can deduct gambling losses states reduce real-estate taxes for taxpayers there are some deductible expenses before December 31, the payments only to the extent of your winnings. who are 65 or older, veterans, you expect to incur next year that are deductible in the current year. Therefore, it At is wise to save your or Gilman disabled. Take advantage of you can make this year to let you 6. E-file. It is popular because it is receipts, tickets, or statements to document any general homeowner’s exemption. itemize and get extra write-offs. fast, safe and accurate. An electronically your losing wagers until the Review your property assessment for 3. Charitable costs. The cost of prepared and filed return has end of the year. accuracy and file $a grievance 99*to seek traveling, mileage and parking for an error rate of less than 1 percent 8. Home-equity loan. Interest on a a correction. charitable purposes is deductible for compared to an error rate of 20 home-equity loan up to $100,000 is Getting a start on your tax planning volunteer workers percent for a paper-prepared return. tax deductible. If one uses home-equity before the New Year begins can help 4. Education Planning. Maximize Also, taxpayers can receive a refund checks to purchase And a car, then the you to maximize benefits and minimize that’s a “529” college program for your in as little as ten days. interest is fully deductible. Car-loan taxes. We like saving like to help you.never been a Call to schedule 181 Call to schedule an appointment! * For first time customers only. Includes:s NEWSPAPERS At Gilman Ciocia, you’ll pay just $99* for tax preparation. never been a better time to take control of your taxes. We like saving people money on their taxes – and we’d like to help you. With the economy the way it is, there’s Call to schedule an appointment at our new office! 35-30 Francis Lewis Blvd., Suite 205 181 East Jericho Turnpike Flushing, NY 11358 718-683-5722 Mineola, NY 11501 516-277-9499 www.gtax.com * For first time customers only. Includes: basic federal and state return. Does not include any additional forms and/or schedules, Cannot be combined with any other offer. 143607C COMMUNITY And that’s only the beginning. ANTON which will incur extra charges, Offer available for 2015 tax returns only. Limit one coupon per customer.


QC02182016
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