December 3, 2003
Valdosta - Things are pretty quiet in Accountant Johnny Duke's office now, but he's preparing for a big boom in business. "They really start pouring in around the end of January," said Dukes.
If you want an early refund check, you still have a little time to put records in order, so you can file early. But Dukes says the time is getting short. "The magic date is December 31st for cutting off your income and your deductions," said Dukes.
One tax write off Dukes says many people aren't aware of is a sport utility vehicle used for work purposes. "As long as it has a gross loaded vehicle weight of 6,000 pounds, you can take the whole thing off in one year, which is really a good deal," said Dukes.
If you're looking for a tax break at the last minute, it's the season for giving. All charitable donations are tax deductible. "For example, if you give the church the same amount of money every year, go ahead and pay next year's contributions if you can and just tell the church its to be set aside for the coming year," said Dukes.
And if you're planning for the future, investing in a ROTH IRA is the best way to go. It won't get you a tax break this year, but benefits in the future will pay off. "When you take it out its going to be all tax free, but that's only when its been in over five years and you're over 59 and a half," said Dukes.
The deadline to file your tax returns is April 15, or you can apply for an extension that will give you until August 15.
posted at 2:40 by ashley.harper@walb.com
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