It's that time of year again, New Years is about here and soon the tax filing season will be in full swing. During, this time of year my wife & children are pretty much orphaned and my blog will likely fall in that category. However, I'd like to give my business website address that is under construction and will be fully operational in a few weeks.
As a reminder I'd like to offer a few last minute tips to lower your tax bill. If you are wondering if your withholdings are insufficient you can submit a new W-4 before your last paycheck for the year is issued, the IRS has an excellent calculator on its website to determine your withholding allowances. You can also make extra contributions to your 401k. Purchasing a hybrid vehicle is an excellent last minute tax saving move if you can get your hands on one, the deductions are available to individuals as well as businesses and the state of Utah has a substantial tax credit in connection to the purchase of that vehicle. If you anticipate extraordinarily high income from a business, you may be able to reduce your liability by making purchases of business assets. You can write off as much as 100,000 dollars of asset purchases made before year end 2005, there are restrictions and issues that apply so contact your tax professional for details.
Thanks for your readership, and plan on regular posts after 4/15/2006 .