Looking for Last Minute Deductions for 2013?

Ton ensure that you can write off those checks and charges you are frantically making in the next few weeks, consider a few simple rules.

1. You can claim deductions for any checks mailed by the end of the year.
2. Charges by retail store credit card can only be claimed in the year the bill is actually paid.
3. Transactions by bank credit card can be written of in the year that the charge is made, even if the bill is paid in another year.

So if there is a chance you can write off medical this year, pay those doctors. If not, pay the bills in January. If you usually itemize and normally give to charities, write those checks and mail them before the end of December. And if you have a business and know you’ll need the write offs this year, buy those extra supplies you know you’ll be using anyway next year. Just be careful which kind of credit card you use!


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