Last chance to lower your taxes for 2013

Posted: December 28, 2013 in about New York
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Last chance to lower your taxes for 2013

Outside of 401K, IRA and other retirement contribution deductions, you only have the next few days to make any deduction to lower your taxes for 2013.

For whatever reason you have to take those expenses now instead of waiting for 2014 to pay them, it could make a big difference in your taxes.

Example;  if in your State, like mine New York, you can get an extra exemption on your Real Estate taxes if you are over 65, and have income under 81,900, you can qualify for what is called “Enhanced Star” which could save you an additional $300 or so on your property taxes.

See more information at New York’s Department of Taxation website;  http://www.tax.ny.gov/pit/property/star/index.htm

Paying a deductible expense now, say a fee on rental property, that you own and rent out,  of $100 could keep you under that threshold, and make that extra exemption a reality for you.  Of course you may have the same problem next year, so a call to your accountant is a must.  There are other things you can do to lower your taxes but I’m not giving advice for you just an alert that you only have a few more days to do whatever you can to lower those beloved income taxes.

Time is ticking, don’t delay.

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