Dec. 1: You have 31 days to lower your 2009 tax bill. Let's get to it!
Dec. 4: Do a mock 2009 return. If it looks like you'll owe the IRS too much or too little, get to your payroll office and
adjust your withholding by turning in a new
W-4.And remember to take the
Making Work Pay credit into account when you're making your withholding changes.
Dec. 10: Does your job include
tips? If so and you received $20 in tips in November, use
Form 4070 to report them today to your employer.
Dec. 14: How much money do you have in your medical flexible savings account? If you're facing an end of the year "use it or lose it" deadline, consider what medical treatments and medications you can
pay for with FSA money so you don't waste your account contributions.
Dec. 18: The stock market has recovered somewhat this year, so now's a good time to analyze your stock transactions. Roughly calculate your profits and losses so far in 2009 so that you can do some tax planning before the end of the year. Capital gains are taxed at
lower rates, but even
losses could help offset a potential IRS bill.
Dec. 21: It's Christmas week!
During this time of giving, consider putting your favorite charity on your gift list. If you itemize, your
donation to an IRS-qualified nonprofit might also provide you a tax deduction.
Dec. 24: Early to bed, kiddies of all ages. Santa's on his way!
Dec. 25: Merry Christmas!
Dec. 28: Homeowners, you still have time to maximize your residential tax breaks.
Pay your
January mortgage payment this year and deduct that extra interest amount on your 2009 return. Pay your real estate tax bill now, too, instead of next year and you also can write that off on your Schedule A.
Dec. 31: It's 2009 tax deadline day.
Self-employed workers considering a
Keogh retirement plan must establish it by the end of the year to ensure that contributions for the 2010 tax year are deductible.
And don't forget to drop off your charitable donations. To deduct them on your 2009 taxes, your gifts must be made by today.
December Small Business Tax Calendar: Important
filing, deposit and record keeping dates your company needs to know.
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