Accelerated depreciation rates are available for most equipment. In addition, explore the tax implications of credit card transactions made by year end. It is possible you may be able to take deductions on your 1996 tax return, even if you are paying the credit card bill in 1997. Be sure you have a Social Security number for children born by Nov. 30, 1996. This is a requirement to claim a child as a dependent on your 1996 tax return.
Most plan allow employees to submit documentation for up to three months following the year end.
If your account balance is not fully used, it will be lost. If you are self-employed, remember that you can deduct up to 30 percent of health insurance premiums when you calculate your adjusted gross income. E.W. Scripps Publications , All Rights Reserved. Site users are subject to our User Agreement . We also have a Privacy Policy .