ABOUT INSTANT TAX SERVICE - Instant Tax Service is a retail income tax preparation company operating nearly 1,200 corporate and franchise locations in 34 states. Founded in 2000 in Dayton, OH and franchising since 2004, Instant Tax Service offers tax preparation, electronic filing, and refund anticipation loan services. For more information, visit www.instanttaxservice.com
DAYTON, OH (October 30, 2009) – Instant Tax Service, Entrepreneur Magazine’s top new franchise, is offering end of year tax tips to busy singles and families looking to maximize their tax refunds this year. Remember, it’s not too late to qualify for many 2009 tax credits… but time is running out.
- Pay your mortgage early. Pay your January mortgage payment on December 31st. This lets you take an additional deduction for mortgage interest paid.
- Donate! This is a great time of year to donate to local charities. Some, like toysfortots.org accept both cash and toy donations.
- Close your new home purchase by December 1st. If you’re a new homebuyer who qualifies for the First Time Homebuyer’s credit and plan on buying a home this year, you must close on the home by December 1st, 2009 in order to claim the credit.
- Use up your flex spending accounts. Most flexible spending accounts do not carry money over from one year to the next. That means that if you don’t want to lose money, you should make your qualifying medical purchases now and get reimbursed before time runs out.
- Bill December clients in January. If you’re self-employed, you may be able to decrease your taxable income by billing work for December in January. Year end is also a great time to stock up on equipment and supplies. Remember, claiming eligible business expenses can reduce your total taxable income.
- Maximize contributions to your retirement fund. Make sure you’ve contributed the maximum amount of income to your retirement fund. This can also reduce your total taxable income.
- Prepay any property taxes. Prepay your 2010 property taxes before December 31st and you can deduct those taxes on your 2009 tax return.
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