In uncertain times, planning
is more important than ever

Many low rates and other tax breaks are scheduled to expire at the end of 2012, and other breaks have already expired. Will Congress extend any or all of them? Good question!

This uncertainty means that, whether you’re planning for your business or yourself, you’ll need to base your tax plan on the way things currently are but be ready to revise it in a flash if Congress makes significant changes in tax law before year end. The more you know about the areas subject to change, and the more familiar you are with various tax planning strategies, the easier it will be to reduce your tax liability.

This Tax Planning Guide provides an overview of current and expiring tax breaks as well as tax planning strategies that can help you stay on course. Please contact us for more information on minimizing your tax liability for 2012 and beyond.

Tax Planning Basics
Tax issues for individuals, such as AMT triggers and how to avoid or reduce the AMT, timing income and expenses, miscellaneous itemized deductions, health care breaks, the sales tax deduction, employment taxes, and estimated tax payments and withholding.

Investing
Tax-saving strategies — such as timing capital gains — for various types of investments, including stocks and bonds, mutual funds, small business stock, income investments, and more.

Real Estate
A look at home-related tax breaks, rules for home rentals and sales, real estate activity losses and tax-deferral strategies for investment properties.

Business & Executive Comp
Tax issues for businesses and their owners and executives, such as depreciation, the manufacturer’s deduction, vehicle-related deductions, employee benefits, net operating losses, tax credits, business structures, exit planning, sales and acquisitions, and projecting income — plus stock options, restricted stock and nonqualified deferred compensation.

Family & Education
Tax-saving tools for parents, children and students, including tax credits, the dependent care FSA, employing your children, Roth IRAs for teens, “kiddie tax” planning, education savings plans and education credits and deductions.

Charitable Giving
Tips for which assets to give — such as cash vs. stock — and how to give them to maximize tax savings, plus charitable trusts and making gifts over time.

Retirement
Overview of tax-smart retirement planning, including employer plans, traditional IRAs, Roth accounts, plans for business owners and the self-employed, early withdrawals, leaving a job and required minimum distributions.

Estate Planning
A look at continuing changes in estate tax law, gifting strategies, trusts and life insurance.