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Time to review your year-end tax plans:
Since the Bush tax cuts are in place through 2012, income tax rates will remain the same for this year (2011) and next year (2012.) That should make your tax decisions easier. In addition, the key tax breaks that are scheduled to go away after 2011 (i.e. sales tax deduction, etc.) will be revied for 2012.
Some key end-of-year tax planning:
Obviously, the goal is to delay income and accelerate deductions whenever possible.
Itemizers: If you pay State or local income taxes, mailing your Jan 2012 estimate in late December allows you to claim the deduction for 2011.
Donations: You can accelerate contributions planned for 2012 into 2011. It is important to note that you must charge the contributions or mail the checks by Dec. 31 to ensure a 2011 deduction.
Medical expenses: If you have exceeded the 7.5%-of-adjusted-gross-income threshold or are close to it, consider getting and paying for any elective procedures or other medical expenses in 2011.
Mortgage interest: Making your Jan. 2012 mortgage payment on your residence before the end of this year enables you to deduct the interest portion on your 2011 tax return.
Our firm plans to update this news section with important updates throughout December. Keep track of our news feeds so you can be an informed taxpayer!
Some key end-of-year tax planning:
Obviously, the goal is to delay income and accelerate deductions whenever possible.
Itemizers: If you pay State or local income taxes, mailing your Jan 2012 estimate in late December allows you to claim the deduction for 2011.
Donations: You can accelerate contributions planned for 2012 into 2011. It is important to note that you must charge the contributions or mail the checks by Dec. 31 to ensure a 2011 deduction.
Medical expenses: If you have exceeded the 7.5%-of-adjusted-gross-income threshold or are close to it, consider getting and paying for any elective procedures or other medical expenses in 2011.
Mortgage interest: Making your Jan. 2012 mortgage payment on your residence before the end of this year enables you to deduct the interest portion on your 2011 tax return.
Our firm plans to update this news section with important updates throughout December. Keep track of our news feeds so you can be an informed taxpayer!
December 1, 2011, 12:00 am