Like it or not, tax time is here. We thought we’d pass along some timely tips and information that might help you as you prepare to file taxes and make plans for 2008 tax strategies.
Did you know that you can contribute to your 2007 IRA up to April 15 of this year? Since most people will be getting a rebate from the IRS later this year, you might want to pre-invest the rebate and make a contribution to your 2007 IRA. Check with your tax advisor for more details or to learn IRA limits.
Going “Green” is all the rage, and when it comes to taxes, it can save you some green, too! As part of the Energy Policy Act of 2005 (EPACT), consumers can get tax credits for home improvements such as energy-efficient windows, doors, roofs, insulation, and heating and cooling equipment. Tax credits for these items are up to $500, and they are more valuable than getting a deduction because a credit is a dollar-for-dollar reduction in your tax bill.
You can get up to $2,000 back if you undertake major projects such as adding qualified solar panels or solar water heating equipment. Not only will these changes get you tax credits, but you’ll also save on your utility bills.
Hybrid vehicles are more appealing than ever with gas prices being so high. If you purchase a hybrid vehicle, you might be eligible for a significant tax credit. Visit the U.S. Department of Energy web site at www.fueleconomy.gov/feg/tax_hybrid.shtml to see if your car or SUV might qualify for a 2007 or 2008 tax credit.
Hopefully you can use some of this information we gained from Employee Benefit News to help you prepare your 2007 taxes or make plans for 2008.
And speaking of planning, did you know that Preferred Benefits can help you with retirement planning? You might say it’s our best-kept secret, but we don’t want to keep it a secret. We’ve helped many companies set up their 401K and other retirement plan options.
At Preferred Benefits LLC we can help you do a realistic assessment of your current insurance portfolio and retirement plan options. We can make suggestions that may save you money and in other cases even expand your coverage for the money you are currently spending. Such an assessment should be done annually.
Please contact us for a FREE assessment of your insurance portfolio. This personalized customer service is a cornerstone of our business. We look forward to being of service to you.
TOLL-FREE 877-302-5810
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