We are on count down to 2008. Bob and I did a quick review of our 2007 income looking for ways to reduce the taxable amount.
We decided to fully fund our Roth IRAs to the maximum. (Note: Roth IRA contributions are not tax deductible but a wise decision) We reviewed our HSA account and have already funded it completely for 2007. We will fund the maximum for 2008 in the first quarter of '08.
Our business is a Chapter Sub S Corporation (an S-Corp) where the income flows through to our personal return. We made decisions to pay the American Express statement on line so as to get those expenses into this year. Note: cash basis.
Today we will review our charitable giving for the year and decide which we will support now in order to have that count on our Schedule A. Note: we itemize.
These are the kinds of thing we can do now with our $ in an effort to affect our taxes for 2007. Time is running out.
'til later
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