For many, April 15th is a date that sends shivers up the spine. It is usually one giant headache for small-business owners, the self-employed, and anyone who owes taxes for the previous year.

On the other hand, if you were fortunate enough to have earned a refund, you anxiously await the arrival of your refund check.

Whichever the case may be, here are some simple year-end tax tips that can put more money in your pocket.

If you itemize deductions on Schedule A of Form 1040, now is the time to make sure you have made all possible charitable contributions and mortgage payments. Making January's mortgage payment in December increases your total mortgage interest deduction. Keep a record of your donations to charities. Did you put money in the Salvation Army kettle at the mall? Perhaps you bought some toys for the Marine Corps Toys for Tots program or donated groceries to a local food pantry. Cleaning out your closets? Get a receipt for the clothes you donate! Short on cash this time of year? Donations using a credit card in 2003 can be counted even though you will not be paying the credit card bill until 2004.

Do you have medical and dental expenses that will exceed the minimum amount required in order to itemize? If so, make sure you refill any prescriptions you can before the end of the year.

Small business owners and the self-employed should add a visit to the local office supply store during their holiday shopping trips. Stock up on supplies you will need in 2004, and count the purchase as a business expense in 2003. Click on this link for more Small Business Tax Tips.

Several changes to the tax laws were made in 2003, including an increase in the child tax credit from $600 to $1,000. If you received an Advance Child Tax Credit last summer, check out the IRS Tips for details on child tax credit eligibility.

Here are more Tax Tips from tax experts H&R Block and Turbo Tax: Top 10 Year-End Tax Tips.

We hope these simple tax tips can help you plan now for savings in the future.


~Kim is self-employed in the sales and service fields. She is married and regrets that her dog does not qualify for the Child Tax Credit.