Last Minute Tax Tips before Midnight

Ad Feedback

CBNNews.com - It may be the last day of 2008, but it's not too late to save money on your tax return.

CEO and founder of Liberty Tax Service John Hewitt says before the clock strikes midnight, you can:

- still make charitable donations,

- make an extra mortgage payment,

- sell "losing" stocks to offset your income,

- and if you're self-employed, buy your supplies now.

As far as next year, if you don't want to overpay your taxes, Hewitt advises you to diligently keep track of your expenses. He's also hoping for a key change in the tax code.

"Obama's shown support for ending the marriage penalty. There's been a penalty in our tax system for over 20 years, where if you're married and both of the couple work, and earn anywhere near the same amount of income, versus two single people," Hewitt explained.

"Two single people that live together pay less tax than a married couple," he said. "I think that needs to end. I think we need to, if not encourage marriage, certainly not penalize people that are married."

 Click here to get more tax saving tips from Hewitt.  Or ask your tax questions here.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

Mark Martin

Mark Martin

CBN News Reporter

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.