Client Memo – Reminder: 2011 Year End Tax Planning

by | Dec 11, 2011 | Client Memo, Tax

If you have not taken advantage of the favorable and generous tax situations that are unique to this year, we strongly suggest you review the following items and discuss with us how they might benefit you –

  1. Life-changing events such as marriage, divorce, birth, death, or retirement – Not only will they change your life, they will also impact your tax liabilities. Life events like these usually trigger special tax considerations that should be reviewed carefully.
  2. Extension of tax cuts, retention of refundable tax credits, and provision of AMT relief on individual taxes – Tax Cuts Extended. Our office can help you evaluate income and deduction and the timing to recognize them to maximize available tax benefits for your current and future taxes. Our tax planning strategies also include considerations for Roth IRA conversions and timing to recognize capital gains and losses.
  3. Expanded lifetime estate and gift tax exemption amounts – Tax Cuts Extended. To take advantage of the generous provisions, you may consider making additional gifts before the end of 2012 or creating a qualified personal residence trust – QPRT.
  4. Increased Section 179 deduction and bonus depreciation – 179 deduction and bonus depreciation.pdf. Note that these special provisions are temporary and will expire after 2011 unless extended by Congress. To take advantage of them, you must make qualifying fixed asset purchases before the end of the year.

Other helpful year-end tax planning resources on our website –

  • 2011 year-end tax planning guide – Offers general income tax-related information and action tips for you and your business.
  • Financial calculators– Provides interactive calculations on individual and payroll taxes, and retirement and college savings.

We encourage you to contact us for a year-end tax planning appointment while there is still time to implement advantageous tax strategies by utilizing the above-mentioned tax benefits.

Disclaimer: The information contained in this publication is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. In no event will Fishman, Block + Diamond, or its partners, employees, or agents, be liable to you or anyone else for any decision made or action taken in reliance on the information in this website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.