The end of the year is crunch time to finalize what your tax bill will look like come April 15, 2011. Eisner Amper has just issued a terrific 2011 Year-End Tax Planning Goals Chapter of its upcoming 2012 Personal Tax Guide. I urge you to peruse the tips and information to see if there are any actions you can take between now and December 31, 2011 to lower your 2011 tax bill.
Some ideas include:
• Setting tax planning goals - including deferring taxes, reducing taxes managing cash flow, retirement and education planning
• Year end tax planning tips - timing can be everything
• AMT Planning - if you are in the AMT for 2011 or 2012, you won't get any benefit from prepaying state and local taxes, real estate taxes or certain miscellaneous itemized deductions,so save your money
• Prepayment of Expenses - the most common deductible expenses that need to be incurred before December 31 to deduct this year are charitable contributions, state and local income taxes and real estate taxes (see AMT above), mortgage interest, margin interest, business equipment purchases.
Please see full article below for further information.
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Topics: Alternative Minimum Tax, Passive Activity, Year-End Tax Planning
Tax Law Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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