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Nothing can compare with professional tax advise from a
qualified professional. The tip(s) below should be discussed with
your tax professional before implementation.
TaxCut, TurboTax or EasyTaxReturns- convenient,
established Tax Software:
For your convenience:
Deferring Income to 2010
If you expect your AGI to be higher in 2009 than in 2010, or if you anticipate being in the same or a higher tax bracket in
2007, you may benefit by deferring income into 2007. Deferring income will be advantageous so long as the deferral does not bump your income to the next bracket.
PLEASE CHECK WITH A TAX PROFESSIONAL FIRST!
Some ways to defer income include:
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Delay Billing: If you are self-employed, delay year-end billing to clients so that payments will not be received until 2007.
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Interest and Dividends: Interest income earned on Treasury securities and bank certificates of deposit with maturities of one year or less is not includible in income until received. To defer interest income, consider buying short-term bonds or certificates that will not mature until next year. If you have control as to when dividends are paid, arrange to have them paid to you after the end of the year.
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File
an IRS tax extension online
Business Deductions
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Self-Employed Health Insurance Premiums: Self-employed individuals are allowed to claim 100% of the amount paid during the taxable year for insurance that constitutes medical care for themselves, their spouses and dependents as an above-the-line deduction, without regard to the 7.5% of AGI floor.
PLEASE CHECK WITH A TAX PROFESSIONAL FIRST!
TaxCut, TurboTax or
EasyTaxReturns- convenient,
established Tax Software:
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| TaxCut by H&R Block is a quick and easy way to file your taxes online. Complete your income tax return the quick and easy way with TaxCut Software or TaxCut Online. |
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Michigan Tax Forms
Michigan.Gov | Taxes | Michigan Business Tax Forms | Other Forms & Instructions
Visit the official Taxes web site! Brought to you by the Michigan Business Directory
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