This is the last day to pay those real property taxes, charitable contributions, and other deductible expenses in order to have the opportunity to apply them toward income earned in 2009. The general rule, accelerate expenses and defer income, should hold true today.
If possible, review stock positions and take capital losses and gains so that they balance each other. Remember that the general rule is that $3000 of capital losses may be deducted in excess of capital gains.
IRA or Roth IRA contributions for 2009 may be made until April 15, 2010. Consider making your 2010 contributions next Monday! Profit sharing and employer matches for employee 401k contributions may be made until the due date of the related tax return plus extensions.
If you use your automobile for business, make a note of your odometer reading today.
For a recap of other great year end lists, check out Don’t Mess with Taxes, a great blog by Texas journalist, Kay Bell.
