Category Archives: Tax Planning

The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interests are subject to the same general tax rules that … Continue reading →

Everybody knows that tax deductions aren’t allowed without proof in the form of documentation. What records are needed to “prove it” to the IRS vary depending upon the type of deduction that you may want to claim. Some documentation cannot … Continue reading →

Retired employees often start taking benefits by age 65 and, under the minimum distribution rules, must begin taking distributions from their retirement plans when they reach age 70 1/2. According to Treasury, a 65-year old female has an even chance … Continue reading →

The new year brings a new tax filing season. Mid-April may seem like a long time away in January but it is important to start preparing now for filing your 2011 federal income tax return. The IRS expects to receive … Continue reading →

This is article number five in our series of Tax Credits. The previous articles can be found here. As the year 2011 is coming to an end, taxpayers search for available credits to reduce their upcoming taxable income. A credit … Continue reading →

Charitable contributions traditionally peak at the end of the year-end. While tax savings may not be your prime motivator for making a gift to charity, your donation could help your tax bottom-line for 2011. As with many tax incentives, the … Continue reading →

2011 year end tax planning for individuals lacks some of the drama of recent years but can be no less rewarding. Last year, individual taxpayers were facing looming tax increases as the calendar changed from 2010 to 2011; particularly, increased … Continue reading →

As the 2011 tax filing season comes to an end, now is a good time to begin thinking about next year’s returns. While it may seem early to be preparing for 2012, taking some time now to review your recordkeeping will pay off when it comes time to file next year. Taxpayers are required to keep accurate, permanent books and records so as to be able to determine the various types of income, gains, losses, costs, expenses and other amounts that affect their income tax liability for the year. Continue reading →