CPAs offer 31 tips by year end to save on 2007 taxes

News Release
For more information:
Amy Johnson
E-mail:  ajohnson@ohio-cpa.com
614.764.2727, ext. 341 (office)
614.975.2225 (cell)

Ohio residents can sign up to receive daily RSS feed through December 31  

(COLUMBUS, Ohio, November 29, 2007) – Tis the season to spend, but it can also be the season to save—on your 2007 taxes.

The Ohio Society of CPAs is offering a month of tax-saving tips and strategies that can be implemented before December 31 to help Ohio residents lower their 2007 tax liability as they count down to 2008 and the tax filing season.

Consumers can sign up on The Ohio Society’s Web site at www.ohioscpa.com to receive a free, daily RSS feed in December. The “31 Tax Tips in 31 Days” is a public service offered by members of the Society’s Tax Practice Section. It features answers to frequently asked questions and tax planning strategies to help individuals and small business owners in Ohio lower their taxes.

Featuring a wide range of common and not so well known topics, the tips cover home improvement, deductions for bad business debt, maximizing savings through charitable contributions, and the tax implications of foreclosure.

For instance, starting in 2008, certain capital gains won't be taxed at all. Timothy Oatney, CPA, Oatney & Associates CPAs in Lancaster, recommends reviewing your investment accounts now because it may be beneficial to wait until 2008 to sell appreciated stocks in taxable investment accounts.

“The zero tax rate generally applies to gains on sales of assets such as stocks, bonds and mutual funds owned longer than one year. Qualified dividends, which include dividends on most U.S. stocks, also are eligible,” Oatney said.

“Though the zero percent break becomes effective January 1, you should plan now to take advantage of it.”

In addition, if you pay your January 2008 mortgage bill on or before December 31, you may deduct an extra month of interest on your 2007 return.

If you like to make charitable contributions to positively impact your taxes, you can charge a contribution before year end, and it will be deductible for the year in which it was charged, even if the payment is due in the New Year.

A new tax tip will be posted each day on the public resources section of the Society’s Web site at www.ohioscpa.com.

Consumers seeking local tax advice and help filing 2007 returns can use the “Find a CPA” referral service also available on the site or by calling 888.959.1212.

For more smart money management tips on topics ranging from tax to retirement planning and saving for college, visit www.financialfitnessohio.com.

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The Ohio Society of CPAs, established in 1908, represents more than 24,000 CPAs in business, education, government and public accounting. The Ohio Society’s members not only meet statutory and regulatory requirements as CPAs, but also embrace the highest standards of professional and ethical performance. This is achieved through ongoing professional education, comprehensive quality review and compliance with a strict Code of Professional Conduct.

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