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IRS Has Last Minute Tax Tips

Public Domain Photos, Flickr

UNDATED — Time is drawing near to file your 2011 taxes, but the IRS says there’s still time to increase your deductions this year.

There are a few ways you can improve your tax situation. First, make a charitable contribution. A canceled check, bank or credit card statement or written receipt from the charity, date and amount donated are your evidence.

Make energy-efficient home improvements. The home-energy tax credit is worth 10-percent of the cost of new windows, doors, water heaters, insulation, heating systems and air conditioners up to $500. The installation must be completed by December 31st.

Other ways to lessen your tax burden are to contribute the maximum to retirement accounts or give a gift of money up to $13,000 that is protected from the gift tax.

If you itemize, the sales tax on big ticket purchases like cars, boats and RV’s can be applied to the sales tax deduction tables. Sales taxes paid for a home remodeling project may also apply.

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