If you are the owner of Encinitas homes there are several things you can do to lower your 2012 taxes. It is imperative for owners of Encinitas homes to take advantage of these opportunities before the end of the year so that you don’t have to wait until April 2013 to see these tax breaks.
Here are five tips from an Encinitas real estate agent on how you can lower your 2012 tax bill.
- Purchase Equipment for Your Business – There may be items that you need for your business that you can easily deduct and it is advisable to purchase them before the end of the year. This list might include a computer, software, or even a vehicle. The annual limit for this type of deduction is $139,000.
- Utilize the Tax Benefits of Establishing/Funding Retirement Plans – Whether you choose varying types of IRAs or solo 401(k) you can receive huge tax benefits. In the case of a solo 401(k) the maximum contribution is $50,000, which means you can deduct as much as that for your income taxes.
- Sell Stocks That Have Not Paid on Their Investment – If you have invested and seen your stocks lose value since your purchase you may want to consider selling enough to post losses of over $3,000 in order to take a deduction of up to $3,000 of those losses.
- Open an Health Savings Account – If you pay for your own health insurance, opening an HSA will allow you to deduct any contributions up to $3,100 while also allowing you to use that money to pay for any uninsured health-related expense.
- Charitable Contributions – Whether you decide to donate property, money, or both to a charity that has 501(c)(3) status (and this is important as you won’t have to worry about receiving a determination letter from the IRS) this will help you lower your taxes.
For more detailed and thorough information please read this article from InmanNews on how to lower your income taxes.
For information on real estate in Encinitas call me, Encinitas Realtor Linda Bauer Moore, today at (760) 310-0234.