Choosing presents for my family during the holiday season is one
of my favourite things to do at this time of the year. In fact, I
was always the designated gift wrapper in my family as I loved to
take extra care in making sure the presents under the tree were
worthy of any holiday commercial. My gift-giving tradition
continued as a tax professional; but instead of hand wrapping
presents, I've chosen to write about some of the better tax
tips that you, my reader, might be able to use as part of your
yearend tax planning. So read on to learn about some of my
favourite holiday tips.
Claim Interest on Disappearing Investments
If you have borrowed money for an investment (or even a
business) that may have gone belly-up (or sold for a loss),
you're likely not too happy about the fact that you are still
stuck paying interest on this loan. Guess what? It's possible
that this interest may still be deductible (so might be a gift in
disguise).
