1. W-2 Addbacks for Shareholder Health and Personal Use of Company Automobiles (PDF)

2. If you are single or legally separated, you may qualify for the lower tax rates of the head of household filing status.

3. Are you considering a divorce? Examine the tax traps.

4. You may want to consider paying for your tax-deductible expenses by credit card or check. It can save you time and money.

5. If you are itemizing deductions you may want to consider paying your fourth quarter state estimated tax payment before the end of the year.

6. If you are a self-employed individual who gives business gifts to clients, then you may be able to take a limited deduction on Schedule C.

7. Do you use your vehicle for business purposes throughout the year? Whether you are an employee that itemizes or a self-employed individual that files Schedule C, you may be able to deduct business related transportation expenses.

8. If you rent out your residence for fewer than 15 days during the year, the rental income is not taxable.

9. Are you a self-employed individual who has purchased assets (i.e., furniture, equipment, automobiles, etc.) for your business during the year? If so, you may be able to benefit from the Section 179 expense deduction.

10. If you operate your business from your home, you may be entitled to claim "The Home-Office Deduction".

11. Are you thinking of selling some of your investments soon? If your investment has appreciated in value and you are considering selling it at a gain, you may want to hold the investment until it qualifies as "long-term".

12. Are you reporting your tip income to the IRS? The IRS is expanding their scrutiny of tip income to include not only waiters and waitresses, but also barbers, beauticians, and even taxicab drivers, among others.

13. Are you an employee who is required to travel between multiple business locations? Be sure to closely consider where you file your state tax return.

14. In order to claim a dependent exemption, you must meet certain tests. For example, to qualify for the support test you must provide over one half of the dependent’s support for the year.

15. Are you contemplating the sale of all or part of your mutual fund or dividend reinvestment plan? Be sure to include the cost basis of your reinvested shares when calculating the gain or loss from the sale of your investment.

16. Do you have children in college? Did you take any continuing education courses during the year? If you answered yes to either of these questions, then you may be able to take advantage of some valuable tax credits and deductions for yourself, your spouse, and/or your children.

17. Did you make a job-related move during the year? Whether you itemize or take the standard deduction, you are allowed to deduct job-related moving expenses.

18. Were you one of the lucky citizens that was selected for jury duty this year?! If so, you may be able to deduct the jury duty fees you received.

19. Are you paying off a student loan? If so, you may be able to deduct up to $2,500 of interest.

20. Do you have one or more dependent children under the age of 17? If so, you may be able to claim the child tax credit and save up to $800 for each "qualifying dependent"!

21. If you need more time to file your income tax return, you can easily obtain an automatic four-month extension. Although the extension gives you more time to file your return, it does not put off the deadline for paying the tax you owe.

Tax Tips provided courtesy of Accountant-City.com