2011 has produced some significant gyrations in the financial markets that have had an impact on everyone’s portfolios. But for tax purposes, gains and losses are not measured by the increased or decreased value of your portfolio, but by gains and losses recognized from the sale of capital assets during the year. So you still have until the end of the year to structure your … [Read more...] about Year-end Capital Gains Strategies
Personal Tax
Year-End Tax Planning Moves for Individuals
We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax breaks that are on the books for 2011. For individuals, these include: the option to deduct state and local sales and use … [Read more...] about Year-End Tax Planning Moves for Individuals
November 2011 Individual Due Dates
November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are … [Read more...] about November 2011 Individual Due Dates
Without a Fix, the AMT will Snare Millions of Taxpayers —Are You in the Crosshairs?
A recently released Congressional Research Service (CRS) Report entitled “The Alternative Minimum Tax for Individuals” examines the effects of the Alternative Minimum Tax (AMT) without yet another Congressional fix. The AMT is another way of computing an individual’s income tax with limited deductions and the elimination of certain tax preferences. Taxpayers pay the higher of … [Read more...] about Without a Fix, the AMT will Snare Millions of Taxpayers —Are You in the Crosshairs?
Will Your Deductions Be Cut to Solve Deficit Woes?
The Joint Select Committee on Deficit Reduction (JSC) is set to convene soon with the goal of reducing the deficit by $1.5 trillion. How will they come up with that amount? Some sources think they may consider fundamental tax changes that include cutbacks to itemized deductions for individuals. Although both parties purport to be against increasing taxes for the middle class … [Read more...] about Will Your Deductions Be Cut to Solve Deficit Woes?