Frequently Asked Tax Questions Money Matters Glossary

We prepare hundreds of tax returns every year. We know what to look for when your return is prepared. More importantly, you will have someone to answer your questions during the rest of the year. And we can put you on our mailing list to receive timely tax, business, and financial advice.

Your Tax-Cutting Checklist

Whether you’re a wage earner, an investor, a business owner, or all three, you should use the tax-cutting benefits available in the tax law. There is little to be gained by paying more tax than the law demands.

Identify the tax-savers for which you qualify. Here’s a tax-cutting checklist to get you started. Check the list to see if there are tax breaks that you are overlooking.

For Individuals:
	Roth IRA
	Rollover to Roth IRA
	Tax-deductible IRA
	Child tax credit
	Income shifting to children
	Child care credit
	Earned income credit
	Lifetime gifts
	Education savings accounts
	Hope scholarship credit
	Lifetime learning credit
	Bunching deductions
	Flexible spending accounts
	Donating appreciated assets instead of cash
	Qualifying property for personal residence gain exclusion
	Best filing status
	Shifting income or deductions from year to year
	Adoption expense credit

For Investors:
	Tax-free municipal bonds
	Long-term capital gains
	Rental property
	Tax-free exchange
	Low-income housing credit
	Small business stock rollover
For Businesses:
	Home office deduction
	Keogh plan
	SIMPLE plan
	SEP
	401(k) plan
	First year expensing of business equipment
	Year-end bonuses
	Bad debt write-off
	Disabled access credit
	Other business tax credits
	Tax-free exchange

Contact our office if you have questions or want more information on these and other strategies that could reduce your taxes.

Kelly Financial Services, Inc. 400 Bridge Street, Suite 4 • New Cumberland, PA 17070 717.774.7536 • Fax: 717.774.4802