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Looking ForWays To Increase That With a little bit of tax planning, you may just be able to accomplish that. Consider accelerating deductions into 2003 - for example, pay your January 2004 mortgage payment in December to get the interest deduction in 2003 vs. 2004.
Consider postponing income until 2004 - if this is possible. Time capital losses and capital gains to make the best use of them. Check with your employer as to whether you can increase your 401(k) contribution for the rest of the year. Many key tax changes go into effect in 2003, including: Acceleration of the reduction in the tax rate structure. Increase in the child tax credit. Lower tax rates on both capital gains and dividends. Marriage penalty relief. Over the counter medicines such as antacids, allergy medicines, pain relievers and cold medicines can be reimbursed through a cafeteria plan as of 9/4/03 and later. There are numerous factors that could influence your year-end tax planning, including an expected increase or decrease in income, a job or job status change, a change in any of your expected itemized deductions, a change in marital status, etc. In addition, with all of the new tax breaks, your tax planning for this year, as well as the next few years, is likely to be a bit of a challenge. Please feel free to contact me and I will be happy to assist you with your year-end tax planning or any other financial planning issues you may be dealing with. MAGGIE’S MEMO: MAGGIE SAYS:
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Bunch
deductible expenses such as donations and medical costs (if already
close to the medical expense deductible limit for the year) into one
year in order to maximize your itemized deductions. In addition, if
you charge it on your credit card in 2003, you can take the deduction
in 2003 even if you don’t pay the bill until 2004.
