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Maximize Your Tax Refund

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  • Description

    Tips on how to get the most out of your return

  • Duration 4:22
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This transcript is automatically generated

Are speaking of our messed -- country we have tax issues.

Anymore -- with -- sometimes because they just make me wanna.

Screen down in DC.

But I mean is here that's CPA of course in vice president Turbotax and you're here with us almost this time every year and I feel like almost this time every year Bob we're saying.

-- they didn't pass the tax Extenders we still don't know let's have a look at their attacks obviously there's no AMT patch there's none.

You can I don't know how to ARRIS can outperforms and a anyone can -- and and.

We're actually in pretty good shape this year relative to other years to -- at zero point I'm saying you know we're in good shape.

Even know we don't know that -- stuff are you know we welcome the assumption is going to be can't keep in mind that some -- the.

Tax things that are in effect or that they're being discussed in congress affect 2012.

Take -- payroll tax cut -- 2012 and a.

Let the AMT -- to me just assume that that is it AMT is actually been signed as it.

As far as I know it's been Sino signed a couple months against the -- -- that's that's in place so.

Forms are out there.

Our product is out there are people start to look forward to the end of the year now.

-- I remember and I can't remember what year was exactly that was so sketchy but you -- you guys it's such a great job of keeping it.

Updated I guess that's the beauty using an online service right you can instantly put the updates and as opposed to going to post office and in new forms.

We -- with Turbotax he just click a button and automatically download download the latest software -- computer.

And you know we've been through this year after year so we're pretty good at this point so what for -- it looks like it's gonna be the complicated issue of this upcoming taxis and this season actually looks pretty good I think you know for people who are trying to do some tax planning right now for the end of year.

I mean.

Before you tax -- you have to figure out what do you think's gonna happen to the tax rates in the future I think most people seem to think tax rates will go up so -- tax rates go up -- you wanna do.

You want to accelerate income into this year which is not what you would traditionally do.

And defer your deductions and 2012 -- is that means you're talking about like prepaying your mortgage can partial cash strapped to Begin my.

That's true put it but if we believe rates are going up that means you would pay your mortgage in January.

To get a bigger -- next year parent because -- -- Asia so every deduction is worth more dollars.

Rates and what would you -- -- this year bonuses bonuses commissions and -- you know.

You have real estate agents who can sometimes to determine when they're gonna close on a deal.

Pushing -- 2012 commissions and anchoring authority and you know I know everyone says the same thing -- come here and is.

Beef up those -- contributions trip and people tend to overlook the value of household items that they donate to the Salvation Army -- -- -- -- that the also mileage you can deduct that when you drop those items off.

The other thing that I would just remind your viewers is that if they.

-- -- Roth conversion in 2010.

And defer the tax on it.

That's attacks are gonna have this.

Face when they filed -- 2011 tax return good -- and that's the one that's scary because he didn't put money aside that could be a substantial chunk of change actually is a great point because people are gonna be caught unaware on the trip it was done a year ago and they probably put that money back into the IRA and other NAFTA come up with a cash.

The pay them.

Put it into the rock you and what about as far as the housing -- -- a lot of people are going to be you know underwater sold under water nothing anybody -- do we don't -- -- anymore and mortgage debt.

That's how it's all gone it's tough I mean you know.

On the bright side to have the mortgage deductions though they have the real estate tax deduction but I mean -- facing a loss on your home more you know decreased.

Value of the home.

You may think you've done you have to sit on it and wait -- sell it and in order to incur a loss and even then it's a personal loss not deductible.

And speaking of selling -- you know it's you gotta start thinking about selling your portfolio if there are losers year old -- -- today need to especially the FD and so -- right so I mean the bad news.

It is yes you have a loss.

The good news at least you get to offset.

Regular income -- net loss clinics and a 3000 dollars or you can use it even further that to offset other capital gains -- -- you have losses.

That's the bad news which you can use -- -- vanished from the tax perspective.

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