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Health & Fitness

Five End-of-Year Tax Saving Tips

You have a few weeks to make some last minute tweaks.

, I offered many of the rules for those considering charitable donations this time of year — if, of course, your goal is to deduct on your 1040 tax form. That said, here are five other end-of-year tax saving ideas to consider as we approach 2012:

1. Perhaps you need a portfolio adjustment? You can deduct capital losses up to the amount of your capital gains plus $3,000. If you have more than $3,000 in capital losses you can carry that amount forward to future years.

2. The maximum 2011 IRA contribution is $5,000 ($6,000 if you are age 50 or over). If eligible, you can deduct IRA contributions too. The Retirement Savings Contribution Credit or 'Saver’s Credit' is for lower to moderate income taxpayers saving for their retirement. If you contribute to a retirement plan and have income less than $56,500 then you might be able to claim this under-the-radar tax credit.

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3. For those ages 70.5 and older, the qualified charitable distribution option (per the law) allows you to exclude from gross income up to $100,000 that is paid directly from your individual retirement account (excluding SEP or SIMPLE IRAs) to a qualified charity. The excluded amount can be used to satisfy any required minimum distributions that you may otherwise receive from your IRA(s) in 2011.

4. The sales tax deduction allows those who itemize on IRS Schedule A to deduct state sales tax in lieu of state income tax. Additionally, if you are considering a big-ticket item such as a new car, then you might be able to deduct the sales tax on it as long as you buy it on or before Dec. 31, 2011. Details on the Sales tax deduction, including our handy Sales Tax Deduction Calculator are available online at IRS.gov.

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5. You still have some time as a homeowner to make energy saving home improvements and qualify for either of two home energy credits. The Nonbusiness Energy Property Credit is worth 10 percent of the cost of qualified energy improvements and has a lifetime limit of $500. But for this credit, do note that qualifying improvements must be placed into service to the taxpayer’s principal residence located in the United States before Jan. 1, 2012. Also, The Residential Energy Efficient Property Credit is designed to spur investment in alternative energy equipment. It equals 30 percent of the amount spent on qualifying property such as solar electric systems or solar hot water heaters. More information about both credits can be found online.

One last thing, do keep all pertinent receipts and paperwork. That way, you have substantiation and a reminder not to overlook anything when you file in 2012.

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