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(Interestingly, early yesterday, Daggett explained on NBC that Yang didn't get the deductions he should have received for executing an extra hold during his routine).
Money must be contributed to a 401(k) by year-end to get the deductions.
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And since the dividend deduction doesn't appear to be related to profitability, companies could borrow to pay dividends and still get the deduction.
Taxpayers with no high school credentials may also now get the deduction for their continuing education classes or degree and certificate programs.
"You can give anytime during the year but if you haven't yet, you may as well do it now because then you'll get the deduction in 2010," said Jude Coard, a partner at the accounting firm Berdon LLP.
It is a popular vehicle for someone who wants to give money to charity and get the deduction that year but could use some advice on how to parcel out the money.
"I think a lot of business owners would consider the standard deduction, considering what they would save in time or the money they would spend to hire someone to help them get the deduction," she said.
That way, the client could get the deduction before it was gone.
You can get the deduction even if you do not itemize your taxes.
With the conventional IRA, in contrast, you get the deduction going in, but withdrawals are fully taxable.
There used to be an easy answer: pay by year's end so you could get the deduction on your federal return sooner.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com