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Last Chance to Take Advantage of Year End Tax Breaks

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    Advice from Pat Powell

  • Duration 3:23
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Definitely almost hear the end of the year and as it approaches our series of tax breaks that are set to change it could be your last chance -- take advantage and we wanted to tell you which ones they are in our take charge consumer protection segment today.

-- -- joining me.

Pat great to see you.

-- to be here so what's waited to change well you know my favorite wine as baby -- minimum distribution.

This is my senior citizens over seven and a half -- required to take distributions from the tirade of attacks.

But this year they're allowed to get those right to charity and to skip over the taxing on there on -- -- -- it's a gift that just keeps giving you have to take it anyway.

But it charity gets a 100% benefit from your money I love this one displayed it to be off the -- -- the end of the year.

May they may -- -- but in the meantime if you haven't and you -- -- distribution think about this one all right so give and give out a way next.

Okay well -- next you have is a whole slew of energy credits that are going to be disappearing and what I wanna be careful about here most of them are between two -- 500 dollars.

And you basically -- 10% credit so to get 200 dollars have to spend at least 2000 dollars -- to get five -- to spend at least 5000.

Be careful here don't spend 5000 dollars and necessarily.

Just to get a 500 dollar tax credit.

But if you're going to do something you -- something to take a look at and work with your count on this watch.

Or if you're going to take it anyway this would be the time how about one more than I want -- lap move on and ask you let it different age groups second take advantage of tax breaks that maybe you.

Ugly head well the.

The teachers and teaches gets to take a 250 dollar.

Credit with that I'd like the rest of us -- things that they've done for our kids they buy extra supplies they buy into the books for the classroom.

And they're allowed to take it differently than the rest of us this -- also set to expire at year end.

And what I would say -- you know everybody loves teachers and neither -- -- are giving that little bit extent if they're not making that much they're throwing a little bit of exit their own money into the classroom.

It's set to expire at year end but hopefully congress -- extend this -- into next year I hope so because a lot of teachers are spending around money to give our kids -- so rise.

Let me ask you about the kiddie tax say.

This is -- they give with one hand and they take -- away with the other and I got caught on this one myself.

This is where kids who are under 24 years old and also students.

If they had if you put money in their name.

What has happened is there unearned income is going to be taxed at the parity rate if meeting comes over in 19100 dollars now that may sound like a rich person fishing but it isn't.

How did this money get into -- kid's name we used to say even these old fashioned a woman not my account and this is for college and we all know we don't have too much money saved for college.

Congress gave with one -- a few years later they took it back and they just.

They just taxing people at the time when they most -- for college.

You as you also know this -- -- so.

We found we found that.

College lending.

Has exceeded all other forms of consumer debt so we know for sure we don't have too much for college all I can say is are so many changes that you definitely want to ask your -- this year what you should take advantage -- -- we're really glad to have you here -- part of our take charge consumer protection segment thank you thank you for having me.

Right well everyone go to fox.

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