Tax Tips

 

Filing Extension: If you unable to meet the April 15 filing deadline for your tax return, you can file for an automatic six month extension with IRS. The extension will give you extra time to prepare your paperwork and file your tax return. It does not extend the deadline for paying the IRS any tax that you owe.

 

Property Donation: If you donate a car, boat etc. to a charity you must make certain that the charity is an eligible organization for the donation to be tax deductible.

 

Hybrid Vehicles: The Alternative Motor Vehicle Credit of 2005 gives a tax credit for hybrid vehicles purchased on or after January 1, 2006.

 

Gift Tax: If in a calendar year you give any one person gifts valued in excess of $13,000, it is necessary to report this gift to the IRS. This amount may be subject to a gift tax.