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Personal Tax Preparation & Income Tax Planning Tips from Brookwood Tax Service -- Winter 2004 Archive Articles (NOTE: The tax information in the following articles was current as of the date on the page. Tax law may have changed since these articles were posted.)
Child Tax Credit If you received a check for up to $400 per child
this summer, you will need to enter the amount of your check on your tax
return to calculate the rest of the higher child tax credit to which you
may be entitled. If you did not receive a check but are eligible to
claim the child tax credit on your 2003 tax return, you will receive the
full child tax credit amount for which you are eligible, up to $1,000.
Dividend Income Now Gets a Tax Break The Lower Rates May Save You Tax Dollars The 2003 tax bill lowered tax rates on qualifying dividends to 15% for most taxpayers, and as low as 5% for some. Personal tax tip -- dividends paid by most domestic corporations qualify for the lower rate. Full Article
2003 Tax Bill Lowers Tax Rates on Capital Gains If You Sold After May 5, 2003, You Qualify for the Lower Rate Most qualifying capital gains are now taxed at a rate of 15%, rather than the old 20% rate. Full Article
Married Taxpayers Get a Break with a Higher Standard Deduction Married couples who do not itemize deductions will be able to claim a higher standard deduction amount on their 2003 tax returns. Full Article
Overlooked
Miscellaneous Itemized Deductions Membership dues to unions or professional organizations, subscriptions to business and professional journals and job-hunting expenses are just a few write-offs taxpayers often miss. Full Article
Personal Tax Tip on Charitable Contributions Don't Overlook
Deductions for Non-Cash Contributions
Save Taxes by Shifting Income to Your Children Take Advantage of Your Child's Lower Tax Bracket
Despite the threat of the "kiddie tax," it is still possible to save
overall tax dollars by shifting some income-producing assets to your
children.
Maximize Your Retirement Savings if You are Age 50 or Over If you meet the age requirement, you can make extra contributions to both an employer retirement plan and your own IRA.. Full Article
Teachers Get a Break
Are You a Working Student? You May Not be Subject to Income Tax
Withholding
Accelerate that Mortgage Interest Deduction You can claim the interest portion of a January mortgage interest payment if the check is mailed during the final days of of the previous year-- even if the payment does not show up on the lender's year-end statement. As long as the check was in the mail by December 31st, you can claim the deduction. Ask the Post Office for a Certificate of Mailing to document the mailing date.
Weight-Loss Program Costs Can be Medical Deductions The costs of weight-loss programs can be medical expense deductions if the taxpayer is diagnosed by a physician as obese or suffers from some other ailment such as hypertension, where weight loss would relieve the medical condition. The physician must specifically prescribe the weight-loss program -- as for a note on the doctor's letterhead. |
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