026-2005 Year End Tax Planning Tips  
2005 Year End Tax Planning Tips
As we approach end of 2005, new tax rules are issued. We are preparing planning tips for your reference.
1. Shifting itemized deductions between years. To maximum your itemize deduction; you can make your January mortgage payment and 2005 property tax payment before end of year.
2. Checking your withholding if you’re facing an underpayment penalty. To avoid the penalty, you must prepay either 90% of your 2005 tax or an amount equal to 100% of your 2004 tax liability.
3. Paying attention to the sales tax deduction. Also remember, sales tax on vehicles can be added to the IRS table amount.
4. Making cash contribution made between Aug. 28th and the end of the year are exempt from the limiting deductions to 50% of AGI.
5. Claiming a tax credit for 10% of the cost of skylights, outside doors, windows and pigmented roofs, as well as for high-efficiency furnaces, water heaters and central air conditioners.
6. Buying Hybrid car in 2006 will bring more tax benefit than you do so in 2005. In 2006, you will get a credit of between $250 and $1,000,depending on estimated lifetime fuel savings, plus an extra credit of up to $2,400 that's based on overall fuel economy. For example, Toyota Prius buyers would get about a $2,750 credit in 2006.
We will continue have planning tips in our articles to help guide you as your plan your personal and business tax strategies.
2005年底税务规划
时值岁末, 有关新税务规划的议题也成为很多人关心的问题.今天, 我们将介绍年末的一些个人税务规划, 为您的合理节税做一参考.
1. 为了最大化分类抵减,可以提前支付2005年的资产税,提前支付2006年初的房屋贷款,取得最大的收入抵减。
2. 检查自己的个人税预交款。为了避免少缴的罚款,必须在2005年预交90%的当年的应缴款,或是100%的2004的税款。
3. 慈善捐款有新的优惠.在8/28 和年底之前的捐款,作分类抵减不受50% AGI 的限制.
4. 对房屋做节省能源的改进可以享受税额抵减. 如果有安装了太阳能,还可以有额外的税务优惠.
5. 推迟到2006年再买环保车享受更大税务优惠.2005 年的$2,000收入抵减将变成税额抵减.这一变化会为购车人节省相当一笔税款. 估计购买Toyota Prius,可省税$3,150;估计购买Hybrid Ford Escape,可省税$2,650.
我们会逐次向大家提供更多有关税务规划的信息. 如有问题,请联系972-247-6009 或浏览www.pulicpa.com