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(come back for weekly updates - for previous/archived tips visit here)

Tax Tip #1:  The initial filing deadline or deadline to extend, for individuals this year is April 17th. The deadline for extended returns is October 15th.  An extension to file, is not an extension to pay your tax.  Talk to your tax advisor to weigh your options.

Tax Tip #2:  If you or your children are in college, remember the various education credits...Lifetime Learning credit and the American Recovery credit.  If you were once in school, but sadly are no longer, remember that you student loan interest may be deductible up to $2,500.  Your tax advisor can tell you if you qualify.

Tax Tip #3:  If you have little ones that you plan on sending to college and want to save on taxes, consider setting up a 529 college savings plan.  If your tax advisor is not qualified to do so and you are in the state of California, let's talk.

Tax Tip #4:  If you are interested in putting your money away into tax-free vehicles...consider a tax-free bond fund.  This should especially be considered if you are in a high tax bracket.  If your tax advisor is not qualified to do so and you are in the state of California, let's talk.

Tax Tip #5: Keep receipts for your deductions including charity, business, medical, and other potential deductions. Guessing at the end of the year can cost you money, in deductions, and in penalties and interest to Uncle Sam. If you think you just aren't getting the deductions you deserve, go through your credit card and bank statements to do one last check. If you find something big in those statements, include the deduction in your taxes and ask the company to re-issue a receipt for audit purposes.

Tax Tip #6: Consider a list of any persons to whom you may have contributed living expenses, and ask your tax advisor to consider the dependency rules for each person on the list.  If you qualify for head-of-household status you may be in for a surprise...otherwise known as Uncle Sam refunding you more than expected.

Tax Tip #7: If you have self-employment income, review your personal check register and credit card statements to look for any other potential costs related to the business – particularly if you have a separate business bank account.  It is often a good idea to use software such as Quicken, QuickBooks, or to regularly use an accountant or bookkeeper.  If this is a service in which you are interested, let's talk.