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Year End Tax Tips

Dec. 14, 2010

Nolan Accounting Center of Greenfield is a locally owned & operated family business offering accounting & tax preparation for individuals for over 45 years, knows that tax time is just around the corner. They saw many tax law changes this year, & even more are coming in 2011. Their advice? Be prepared!

 

Nolan Accounting Center offers a checklist of tax tips for individuals, courtesy of the National Society of Accountants & CCH, a Wolters Kluwer business. Choose your brackets carefully because you may want to accelerate income & defer deductions if you expect your income to be higher in 2011.

 

Beware of upcoming limits on itemized deductions because if you’re a higher-income taxpayer who will be affected by the limit on itemized deductions, you may want to try to accelerate deductions into 2010 instead of 2011 if possible.

 

Also, Take advantage of lower capital gains rates because for 2011, the maximum tax rate on long-term capital gain is scheduled to rise to 20%, with a 10% rate applying to taxpayers in the lowest brackets. Saving energy pays off. If you have made certain energy-efficient home improvements this year, you may be able to claim a credit for some or all of the repairs.

 

Other tax law changes for 2010, such as tax incentives that expired in 2009 & possible changes to the Alternative Minimum Tax, should also be examined for their impact on taxable income & tax rates.

 

For additional year end tax tips, please contact Timothy R. Nolan at (414) 425-5690 extension 441, tnolan@nolanacctgctr.com or go to www.nolanacctgctr.com

 

 

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