No. of Recommendations: 0
I'm brainstorming an expense for 2013 that will lead to a large (non-refundable) tax credit.
Also we got a chunk of one-time income in 2012.
So I'm trying to think of ways to clump expenses.
- Property taxes. Our city usually produces a bill before the year is over, so I can pay some of the 2013 expenses in 2012.
- Charitible contributions. Double up in 2012, skip them in 2013.
- We have a rental property. Is it legitimate to ask my tenants to pay for their December 2012 rent after the fact (so postponing that rent until 2013?)
= Ask employer if they can defer any bonuses until 2013.
- Sell stocks with losses in 2012, sell stocks with gains in 2013.
Any other suggestions?
Thanks!
- Megan
No. of Recommendations: 0
Any other suggestions?
Make sure that non-refundable credit you're expecting will still be available for 2013. There's a bunch of stuff expiring at the end of this year.
Subject to the usual Congressional action/inaction, as always.
--Peter
No. of Recommendations: 1
NaggingFool writes (in part):
Property taxes. Our city usually produces a bill before the year is over, so I can pay some of the 2013 expenses in 2012.
I reply:
If you're going to be subject to AMT in 2012, then accelerating property tax payments won't help. Those aren't deductible in the AMT calculation. --Bob
