If you did not act before year end to try to reduce your 2008 taxable income, there still are a few things you can do for 2008. You have until April 15 to fund IRAs (maximum is $5,000 unless you are older than 50, and then it is $6,000). Depending on your circumstances, you can fund either a deductible IRA, a Roth IRA or a nondeductible IRA (or, possibly, portions of each as long as you do not exceed the maximum). If you are self-employed, it is still possible to open, calculate and fund a 2008 simplified employee pension plan before April 15 and get a corresponding deduction on page one of your 1040. If you extend your 2008 returns, you have until Oct. 15 (or the day you file your tax returns) to fund (and deduct on your 2008 returns) your 2008 SEP. A few other tax prep tips — go through cancelled checks to make sure you have all your charitable contributions (letters are not always sent depending on the dollar amount donated). Make sure your mileage log is updated and that you have captured all your business, medical and charity mileage. Organize your 2008 data carefully and compare a draft of your 2008 return to 2007 to avoid missing important deductions. And it never hurts to actually read your resident state booklet for any unusual or new state income subtractions that might apply to your particular circumstances (e.g., Maryland offers a potential $500 tax credit for taxpayers who obtained a long-term care insurance policy in 2008).

1. Contribute to retirement accounts. You have until April 15 to contribute to a deductible or nondeductible traditional IRA or to a Roth IRA. You may contribute $5,000 for 2008 to an IRA ($6,000 if you are older than 50). Whether your traditional IRA contribution is deductible or not is based on numerous factors. Go to www.irs.gov to see details for eligibility. If you are self-employed and have a SEP or Keogh and file for an extension you have until Oct. 15 to contribute as much as $46,000 to your account. 2. Catch up on last year’s rebate. Even if you were not eligible for a rebate in check in 2007, you may be eligible for one in 2008. If your income dropped below certain levels in 2008 you may be able to claim a recovery rebate credit on your 1040 now. 3. Take deductions. Based on certain income limitations and rules, you may be eligible to subtract your property taxes as an above-the-line deduction. Other deductions include up to $4,000 in college costs for yourself or a dependent child, contributions to your heath savings account, moving expenses, auto mileage when doing charitable work, early withdrawal penalties from bank CDs, medical expenses if they exceed 7.5 percent of your adjusted gross income and Medicare Part B premiums. Check to see if this is applicable to you at www.irs.gov. 2. File and pay on time. If you are unable to file on time, complete and submit Form 4868 by April 15 for a six-month extension of the filing deadline to Oct. 15. Be sure to estimate the approximate tax that may be due and pay that with your request for an extension in order to avoid penalties. 3. File electronically. The IRS processes electronic returns faster than paper ones. Additionally, the IRS checks your return to make sure that it is complete, which increases your chances of filing an accurate return.

First off, you need to get going, you now have about two weeks to get it done! If you have a refund, the closer to the deadline that you file, the longer it will take to receive it. Make sure that you have all your documentation in order if you are having someone prepare your taxes. If you are doing them yourself, make sure that you pick up all your potential deductions and credits. There is not a lot of tax planning that you can do after the end of the year, but the main opportunity that you still have is putting money in your IRA, Roth IRA or a qualified retirement plan. These contributions may be made up until the time your return is filed. If you have a tax liability, these contributions may reduce your tax. You can have your tax preparer run scenarios as to what payment you are allowed to make and what the tax savings for making that payment would be. The other thing that you should resolve to do is plan better for this year and make sure you are doing all that you can do to make the sure you properly plan to minimize taxes this year. There are many new tax credits available through the latest stimulus package that will save you taxes on certain home improvements for energy efficiency. You need to make sure that you comply with the program to get the credit. Good Luck!

April 15 is right around the corner (17 days and counting)! You better get on the stick, especially if you owe the Treasury money; the way Washington is spending it these days, they need your money sooner rather than later. Some basic things to remember, especially if you wait until the 11th hour: 1. Make sure you have signed everywhere you need to sign. 2. Include any and all supportive data, forms, schedules, etc. 3. Check your math a few times to make sure all of your numbers jibe. 4. Make sure everyone’s Social Security numbers are listed and are correct. 5. Get it in on time. If you can’t file electronically, then get to a post office that is staying open late before 11:59 p.m. on April 15. And most importantly, if you owe this year please refrain from being grumpy around your family, friends or co-workers … and don’t kick your dog either.