Year Closing Tax Tips

As we approach the end of the year many people are thinking about the upcoming Christmas holiday, spending time with relatives and friends.  While that is good, we should also think about how we can lower our tax liability before December 31st arrives.  Here is a short laundry list of things that most of us can do:

Spring cleaning in December - Go through your closets and sort out items that you truly need and items that you do not need.  What you don't need give to charity but remember to itemize a list of what you are donating.  Also give the item a true value based on the age of the item and the wear the item has.  This might be a good time to go through rented storage space.

Rid yourself of under-performing securities - If you have securities that are losing money you might want to consider selling the securities in order to take the loss on the sale of stock.  Don't worry, if you don't want to get rid of the security you can always buy it right back at the lower price.

Charity - Consider making a year end gift to a charitable organization.  This will assist in meeting the need of others and give you a deduction all with one stroke of the pen.

These are just a few simple things that do not take a long time to do.  Take some time and save some tax dollars before 2010 is complete.

The Towles Group Inc can assist you further, give us a call at (516) 522-2676 or visit us at