Forbes.com has put together a list of year-end tax tips to help reduce your anxiety and possibly lower your 2009 tax bill.
Spend your FSA balance.
If you set up a flexible spending account (FSA) and had money regularly withdrawn from your paychecks and deposited into the account, make sure you spend the money before Jan. 1 or you risk losing it.Get your paperwork in order.
If your work or personal situation has not changed much since last year, it shouldn’t take too long to get your papers together in one place. Collect your pay stubs or review your automatic paycheck deposits online if you do electronic banking.Calculate your current tax situation.
If your income or expenses have changed significantly this year–for example, if you have lost your job, taken a pay cut, divorced or liquidated investments to start a new business–you may want to estimate your regular income tax using IRS Form 1040. If you think you may be subject to the alternative minimum tax (AMT) use IRS Form 6251 to estimate your tax liability.Continue Reading: “Year-End Tax Tips”
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