December 2, 2004 12:09 PM
2004 Year-End Tax Planning Moves
Excerpt: AS THE YEAR DRAWS to a close, you're probably thinking more about your holiday credit-card bills than your 2004 tax bill. Big mistake. Squeezing in a little time for some year-end tax planning can save you big bucks come tax-return time. Consider it a holiday gift from Uncle Sam — albeit one you're going to have to do a little extra work to receive.
AS THE YEAR DRAWS to a close, you're probably thinking more about your holiday credit-card bills than your 2004 tax bill. Big mistake. Squeezing in a little time for some year-end tax planning can save you big bucks come tax-return time. Consider it a holiday gift from Uncle Sam — albeit one you're going to have to do a little extra work to receive.
Here are seven tax-saving strategies for 2004 that should be employed before the ball drops in Times Square.
1. Take Advantage of the Long-Term Capital Gains Rates
When it comes to investing in a taxable account, it pays to be a long-term — as opposed to a short-term — investor. In fact, while you don't want to let the tail wag the dog, it could make sense to hold onto your investment just a little bit longer to make sure you fall into the long-term camp.
Why? Because short-term gains on investments held in a taxable account for one year or less are taxed as ordinary income, which means your tax rate can run as high as 35%. So if, for example, you hold appreciated stock for exactly one year before selling, you could owe the IRS up to 35% of your short-term profit. By contrast, if you hold the shares for just one more day, the maximum federal rate plummets to 15%. So selling just one day too soon could cost up to 20% of your profit in additional taxes.
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Read all 69 posts in the same category of Tax:
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How to Make Tax-Law Changes Work for You This Filing Season - Feb 16, 2005
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AT&T Investors Face Tax Headache - Feb 04, 2005
Popular Tax Software Is Now Free to All - Feb 04, 2005
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Your Online Tax-Paying Options - Jan 23, 2005
The Many Ways To Electronically File Your Tax Return - Jan 23, 2005
Be On The Lookout For These Tax Statements - Jan 23, 2005
A Wrong Address Could Mean Missed Tax Money - Jan 23, 2005
Don't Scream 'Audit Me!' - Jan 17, 2005
Pay Off Student Loan, Get A Deduction - Jan 17, 2005
Possible Tax Break For Tsunami Donors - Jan 04, 2005
Relief Donations May Be Deductible But Rules Apply - Jan 04, 2005
Report: Bush To Delay Tax Overhaul - Dec 28, 2004
Early Mortgage Payment Could Cut Your Tax Bill - Dec 23, 2004
Jewelry Donations Become Easier - Dec 22, 2004
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All I Want for Christmas: A Change in Taxes - Dec 19, 2004
Few People Aware Of New State Sales Tax Deduction - Dec 17, 2004
Ownership Has Its Privileges - Dec 12, 2004
Bush Rejects Raising Taxes to Pay for Social Security Plan - Dec 12, 2004
Social Security Reform, With One Big Catch - Dec 12, 2004
Bush Eyes Social Security Threat - Dec 12, 2004
Put Away Your Check Book - Dec 10, 2004
IRS to Issue Rules On Tax Shelters - Dec 09, 2004
Year-End Tax Planning Moves for Small Businesses - Dec 08, 2004
Give Tomorrow, Get the Tax Break Today - Dec 08, 2004
2004 Year-End Tax Planning Moves - Dec 08, 2004
CCH Capital Changes Identifies Top Ten Tax-Complex Corporate Actions for 2004 - Dec 07, 2004
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Poll: Social Security Needs Reform - Dec 07, 2004
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More Tips to Slash Tax Tab - Dec 05, 2004
10 Tax Time Bombs To Defuse Now - Dec 04, 2004
Property Taxes Rising Nationwide - Dec 04, 2004
Noncash Gifts To Charities Can Be Deducted - Dec 04, 2004
Get Your Car Ready for a Fast Giveaway - Dec 02, 2004
Don't Fear the Use-It-Or-Lose-It Rule - Dec 02, 2004
Partnerships Lose Tax Exclusion On Canceled Debt - Dec 01, 2004
A Tax Break for Your Kidney - Dec 01, 2004
8 Profitable Year-End Tax Moves - Nov 29, 2004
Tax Break Curbed: Changes To Donation Write-Off May Hurt Charities - Nov 28, 2004
When Is That Holiday Turkey Taxable? - Nov 26, 2004
Your Next Tax Hike - Nov 26, 2004
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Last Chance to Trim Your Taxes - Nov 23, 2004
Know Your Optimal Year-End Tax Strategies - Nov 22, 2004
To the Point of No Returns - Nov 22, 2004
Turning the Tax Tables to Help the Poor - Nov 22, 2004
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Taxes and Consequences: The Second Term Begins - Nov 13, 2004
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What the Recent Tax Changes Mean to You - Nov 07, 2004
Highlights of 2004 Changes in the Income Tax Laws - Nov 04, 2004
Bush's Tax Cuts Are Unfair ... To the Rich. - Nov 03, 2004
No Rest for the Bleary: New Tax Turns to Ponder - Nov 03, 2004
Keep Your Income Tax Documents Safe From Identity Thieves - Feb 25, 2005
Tax Schemes Saved 61 Top Firms $3.4B - Feb 25, 2005
How to Make Tax-Law Changes Work for You This Filing Season - Feb 16, 2005
Taxed On Our Gains - Feb 13, 2005
Dell Revenue Sets Record, but Tax Charge Hits Profit - Feb 13, 2005
AT&T Investors Face Tax Headache - Feb 04, 2005
Popular Tax Software Is Now Free to All - Feb 04, 2005
Getting The Most From Tax Software - Jan 23, 2005
Your Online Tax-Paying Options - Jan 23, 2005
The Many Ways To Electronically File Your Tax Return - Jan 23, 2005
Be On The Lookout For These Tax Statements - Jan 23, 2005
A Wrong Address Could Mean Missed Tax Money - Jan 23, 2005
Don't Scream 'Audit Me!' - Jan 17, 2005
Pay Off Student Loan, Get A Deduction - Jan 17, 2005
Possible Tax Break For Tsunami Donors - Jan 04, 2005
Relief Donations May Be Deductible But Rules Apply - Jan 04, 2005
Report: Bush To Delay Tax Overhaul - Dec 28, 2004
Early Mortgage Payment Could Cut Your Tax Bill - Dec 23, 2004
Jewelry Donations Become Easier - Dec 22, 2004
New Tax Laws Create Traps At Year End - Dec 22, 2004
Five Moves To Make By Year-End - Dec 20, 2004
All I Want for Christmas: A Change in Taxes - Dec 19, 2004
Few People Aware Of New State Sales Tax Deduction - Dec 17, 2004
Ownership Has Its Privileges - Dec 12, 2004
Bush Rejects Raising Taxes to Pay for Social Security Plan - Dec 12, 2004
Social Security Reform, With One Big Catch - Dec 12, 2004
Bush Eyes Social Security Threat - Dec 12, 2004
Put Away Your Check Book - Dec 10, 2004
IRS to Issue Rules On Tax Shelters - Dec 09, 2004
Year-End Tax Planning Moves for Small Businesses - Dec 08, 2004
Give Tomorrow, Get the Tax Break Today - Dec 08, 2004
2004 Year-End Tax Planning Moves - Dec 08, 2004
CCH Capital Changes Identifies Top Ten Tax-Complex Corporate Actions for 2004 - Dec 07, 2004
GainsKeeper Suggests Year-End Tax Planning Strategies to Minimize 2004 Taxes Owed - Dec 07, 2004
Stocks That Need Special Tax Moves - Dec 07, 2004
Poll: Social Security Needs Reform - Dec 07, 2004
Options Open On Tax Reform - Dec 07, 2004
More Tips to Slash Tax Tab - Dec 05, 2004
10 Tax Time Bombs To Defuse Now - Dec 04, 2004
Property Taxes Rising Nationwide - Dec 04, 2004
Noncash Gifts To Charities Can Be Deducted - Dec 04, 2004
Get Your Car Ready for a Fast Giveaway - Dec 02, 2004
Don't Fear the Use-It-Or-Lose-It Rule - Dec 02, 2004
Partnerships Lose Tax Exclusion On Canceled Debt - Dec 01, 2004
A Tax Break for Your Kidney - Dec 01, 2004
8 Profitable Year-End Tax Moves - Nov 29, 2004
Tax Break Curbed: Changes To Donation Write-Off May Hurt Charities - Nov 28, 2004
When Is That Holiday Turkey Taxable? - Nov 26, 2004
Your Next Tax Hike - Nov 26, 2004
Line Up Your Tax Deductions - Nov 26, 2004
Last Chance to Trim Your Taxes - Nov 23, 2004
Know Your Optimal Year-End Tax Strategies - Nov 22, 2004
To the Point of No Returns - Nov 22, 2004
Turning the Tax Tables to Help the Poor - Nov 22, 2004
With Checkbook in Hand, Think of Uncle Sam - Nov 22, 2004
Moratorium On Web Tax Advances - Nov 17, 2004
25 Ways to Spend Your Flex Account - Nov 17, 2004
Bush Advisors Urge Deeper Tax Cuts In 2nd Term - Nov 17, 2004
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Taxes and Consequences: The Second Term Begins - Nov 13, 2004
Microsoft Payout Tempts Investors On Tax Strategy - Nov 12, 2004
What the Recent Tax Changes Mean to You - Nov 07, 2004
Highlights of 2004 Changes in the Income Tax Laws - Nov 04, 2004
Bush's Tax Cuts Are Unfair ... To the Rich. - Nov 03, 2004
No Rest for the Bleary: New Tax Turns to Ponder - Nov 03, 2004
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