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Find 10 last-minute tax breaks in 2011

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in Centerpiece,Small Business Tax,Small Business Tax Deduction Strategies

Are you still looking for ways to cut your 2011 tax bill? Here are 10 tax-saving deals for last-minute shoppers.

1. Buy a personal vehicle. For 2011, you can choose to deduct either the state income tax or the state sales tax you’ve paid this year. If you buy a new vehicle in late December and you live in a low income tax state, it may tip the scales in favor of the sales tax option.

Tip: In lieu of compiling actual sales tax, you can base your deduction on an IRS state-by-state table plus the tax on big-ticket items like cars, trucks and boats.

2. Set up a Keogh plan. If you’re self-employed, you can make tax-deductible contributions to a Keogh profit-sharing plan. But the plan must be in existence before Jan. 1, 2012, so complete the paperwork this month. Then you have until your tax return due date, plus extensions, to make contributions for 2011.

Tip: The deductible contribution limit for 2011 is the lesser of: (1) 25% o...(register to read more)

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