Tax planning for the year ending 2011 and beyond will again prove challenging due to uncertainties over whether Congress will enact sweeping tax reform. And even if there’s no major tax legislation, Congress will have to deal with the “patch” to the alternative minimum tax, and decide what to do about the expiring of the Bush-era income tax cuts.
Regardless of what Congress does late this year or early the next, there are solid tax savings to be realized by taking advantage of tax breaks that are currently on the books for 2011, but may be gone next year. We have compiled a checklist of actions based on current tax rules that may help save you tax dollars if you act before year-end. Not all actions will apply to your particular situation and the alternative minimum tax might affect some of these decisions, but please review the following list and contact us at your earliest convenience so that we can advise you on which tax-saving moves apply to you.
These are just some of the year-end steps that can be taken to save taxes. If you have any questions, please do not hesitate to call. We would be happy to meet with you at your convenience to discuss the strategies and requirements outlined above. There is still time to implement these strategies to minimize your 2011 tax liability, as well as plan ahead to reduce your 2012 tax liability.
Have any questions or concerns about the items highlighted in this email? Post a comment below or contact our Tax Planning and Preparation Group at 440-449-6800.