Year-End Newsletter

Our Year-End Edition offers a number of tax strategies that can be employed and make a difference with your 2010 taxes. This edition provides some tax tips and planning strategies that can be implemented before the year’s end. The government has provided a variety of tax incentives to help weather the economic storm, and you are urged to take advantage of these special tax benefits as well as other strategies to keep your 2010 tax bite as low as possible.

  • Maximizing Available Credits. It's All About Strategy!  There are a number of credits that can help reduce your tax bite for 2010.  Unlike a deduction (which reduces your taxable income and thus provides a benefit equal only to the deduction amount times your tax rate), a tax credit is a dollar-for-dollar reduction of your tax.

  • The Year-End Challenge: Is Your Tax Deduction List Ready?  As the end of the year approaches, it’s a good time to review your potential tax deductions and develop a strategy that maximizes the benefits.

  • Stay Compliant! Rental Owners Hit with New 2011 Reporting Requirement. - If you are a rental owner and make payments of $600 or more during 2011 to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to provide an information return (typically Form 1099-MISC) to the IRS and to the service provider.

  • New Roth Opportunities are Knocking on Your Door - 2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level.  This can provide a significant opportunity for certain taxpayers.

  • Tax Calendar - Keep track of important deadlines throughout the year and file your taxes on time.

  • Since You Asked... - Answers to commonly raised tax questions.