Ask TaxMama.Com Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 278        October 15, 2004

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Tax Pro Tips: Rich Tips Mary P. Canning J.D., LL.M. is the Dean of the School of Taxation at Golden Gate University Here are some of her favorite tips for the fall: 1. Fall is the best time to do Alternative Minimum Tax (AMT) avoidance planning with your tax preparer because some of the payments that are made at the end of the year can push you into AMT: * The year-end payments of the state 4th quarter estimated tax payments may no longer offer the benefit of deductibility that it once brought. Because the payment of state taxes is a factor contributing to AMT, it may be more beneficial to defer that 4th quarter payment to January of the following year. * The payment of real estate taxes is an item that factors into AMT and you may benefit more from pushing the second installment payments into January of the following year rather than paying them in the fourth quarter of the current year even with potential late payment penalties. 2. If you are a business owner, push acquisition needs into the current year rather than the beginning of the subsequent year because with the liberal bonus depreciation rules, you may be able to fully deduct the costs in the current year. 3. If you want to change your stock investment ownership, now is the time to review or structure a plan of sales utilizing unrealized losses, loss carryforwards, and freeing up at least $3000 of net losses to use on the tax return.

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