2010 Year-End Tax Planning for Businesses

  • November 1, 2010

2010 year-end tax planning involves consideration of tax laws going into effect in 2011 as much it involves tax provisions effective this year. Some tax incentives that expired for businesses at the end of 2009 have been resurrected for 2010 (and 2011 in some cases), including bonus depreciation and small business expensing. However, with higher tax rates set for 2011, traditional planning techniques, such acceleration and deferral, may require more thought this year especially.

2010 Year-End Tax Planning for Individuals Presents Unique Challenges

  • November 1, 2010

As the end of 2010 quickly approaches, individual taxpayers should start to execute valuable year-end tax strategies. However, year-end tax planning for 2010 is especially unique, and a bit more complicated, due to the current uncertainty looming over a number of expiring tax cuts.

Individual Tax Update: Planning for Year-End and a Peek at the Future

  • October 18, 2010

By Patti Stoner, CPA The end of 2010 is quickly approaching and tax season is just around the corner. Below are links to two files that includes information about tax planning and upcoming changes that may affect you. Topics such as: New tax laws passed in 2010, tax deductions that have expired and the Health Care Act of 2010.

IRS Issues Relief with Respect to Form W-2 Reporting of Cost of Group Health Insurance

  • October 13, 2010

This just in – IRS has provided interim relief to employers with respect to reporting the cost of coverage under an employer-sponsored group health plan on Form W-2. The reporting of this cost will not be mandatory for Forms W-2 issued for 2011.

FAQ: What Will the Income Tax Rate be in 2011?

  • October 1, 2010

Only three months remain until the current marginal individual income tax rates that helped lower the tax rates of all taxpayers, from lower to middle to higher-income individuals and families, over the past ten years will expire. Congress has a number of options on the table, with some lawmakers favoring extension of the current rates for all taxpayers, while others favor only extending the current rates for the middle-class, and allowing the top two rates to revert to their previous higher levels. Still others are willing to extend none of the rates if a stalemate over the higher rate brackets ensues. The potential rate change makes tax planning all the more important, yet tax planning is also made uncertain by inaction on Congress's part.

Fate of Extenders, EGTRRA Enhancements and Other Expiring Tax Incentives Complicates Year-End Planning

  • October 1, 2010

Many taxpayers mistakenly believe that some popular tax incentives are permanent when in reality they are temporary. It is no surprise that taxpayers make this assumption. Congress routinely allows these tax incentives (called tax extenders) to expire and then renews them. This year, the outcome may be different.

Health Care Reform: Six Months Later

  • October 1, 2010

September 23, 2010 was the six-month anniversary of the comprehensive health care reform package (the Patient Protection and Affordable Care Act...

Congress Passes Individual and Business Tax Incentives in the Small Business Jobs Act of 2010

  • October 1, 2010

Congress has passed a small business jobs bill, the Small Business Jobs Act of 2010 (H.R. 5297), with valuable individual and business tax incentives totaling approximately $12 billion. Many of these tax incentives are temporary so you have only a short window of time in which to take advantage of them. Other tax incentives are permanent but require careful planning to maximize your tax benefits.

Calculating Correct Withholding and Estimated Tax

  • September 1, 2010

Correctly calculating your estimated tax payments and/or withholding is even more important as the year end approaches. Accurate calculations are especially important as third and fourth quarter payments become due, and your income and expenses for the rest of the year can be more accurately projected.