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Tax Tips are
not a substitute for legal, accounting, tax,
investment, or other professional advice.
Always consult with your trusted accounting
advisor before acting upon any Tax Tip..
Year-end tax planning is as much about the 2012
tax year as it is about the 2011 tax year. That's
because there's a real opportunity for tax savings
when you can predict that you'll be paying taxes
at a lower rate in one year than in the other. Of
course, to effectively plan, you have to have a
good understanding of not only your own financial
situation, but the tax rules that apply for both
years. Luckily, legislation passed in December of
2010 extended several expiring tax provisions
through 2012, allowing you to consider potential
year-end moves with a relative degree of
certainty.
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Tax Advice Disclaimer: In
accordance with IRS Circular 230, any tax advice
included in this article is not intended or
written to be used, and cannot be used by you or
any other person or entity for the purpose of
avoiding penalties that may be imposed under the
Internal Revenue Code or applicable state or local
tax law provisions, nor may any such advice be
used to promote market or recommend to another
party any transaction or matter addressed within
this article. If you would like such advice,
please contact us or your tax professional. |
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