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December 3, 2010

Year-end Tax Planning

Yes, you should plan before year-end.  It seems that there are more articles about year-end planning than in prior years.  Just because the politicians seem to be more confused than ever is not a reason not to plan.  The first step is to review your current tax situation.  Based on the information you have estimate your taxable income and deductions.  The items you can control should be reviewed.  You may want to delay or accelerate itemized deductions because they will not be deductible this year or they will be worth more next year.  Some income items can be postponed or accelerated if  you expect taxable income to be higher or lower next year.  The linked article identifies some planning ideas.

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