Friday February 29, 2008: Taxing Times: Planning for 2008

[0:35]..." your spending. Because you can get 20 cents a mile as a deduction for health care. Now public cleaning up their closet making charity rented Goodwill of the salvation army good idea be reasonable as what to take is -- deduction. Remember it's used clothing and according to -- as she can no longer claim deductions for used clothing and household goods that are not in good condition. I just -- it out how the irises got to figure out whether I used shirts and I dropped off is worth two dollars or -- right I mean you know maybe they've got elves at the Hamptons you know I don't say they may have any of campers there tuna -- Now cash is always appreciated as a donation but an order indicated deduction you're going to need to document that contribution new rules in effect require bank records it's basically a terror or written statement from the charity that meets the tax requirements -- those loose dollars she put in the salvation army bucket. Or the church collection basket are not to be counted no longer counted that's right and you can't use -- Now how much easier credit card to make -- charitable contribution you get the deduction for this year. You'll actually paid a bill next year and -- user rebate card. It's a win win win for everybody has some three miles -- to -- okay now pay your real estate taxes in December is that a January again and use that deduction this year. But only. Only if it's going to bring you more this year. You know oftentimes people do that. Well you know and then they had next year you have you're right it's right Saudi you know do some tax planning -- I'd be really pays off donate your -- charity. -- deduction will be limits he -- charity receives for the car. Not its book value rights you know that went away last year "...

[0:00]..." explode and that's the topic here on WBZ news radio 1030 -- certified financial planner Dee -- we know it's the holiday season. We know you have a shopping list but we're looking at ways you can save "...

[0:51]..." think I had to pay. While they do so do check their tax returns for them. Some cities and towns also have a real estate rebate program for their elderly citizens check with the tax collector where they live some towns have work programs are older citizen who work also the real estate taxes they -- Now there's an exclusion for capital gains tax and you sell your primary residence. And this works extremely well for "...

[0:13]..." mom taking advantage of it. It would take a look at their tax returns the last three years and at this dump -- behind you and you get someone to do it for them. Had even "...

[2:10]..." magic age of seventy. That there thinking about withdrawing money from their retirement plans to require need send me half withdrawal okay and don't be afraid to ask for help. Check the website for this full "...

[0:40]..." if it applies to them and what it does it disallowed certain itemized deductions. And treats certain items -- think differently. But things like real estate taxes state income taxes are not deductible under the alternative minimum tax and so you have to go through and not deduct those and see we are Alternative Minimum Tax ends up. In the tired your regular -- that you wrote that yelling general if you have you know brand seventeen to "...

[0:29]..." What about the Alternative Minimum Tax. "...

[2:30]..." a matching problem because they do computer matched items you reported your tax return which would items they receive from banks and other institutions. In Beckett generated noticed "...