- It’s Time for Year-End Tax Planning
- We have compiled a checklist of actions based on current tax rules that may help you save tax dollars if you act before year-end. Regardless of what Congress does late this year or early next, solid tax savings can be realized by taking advantage of tax breaks that are on the books for 2011. For individuals, these include:
- Social Security Announces 3.6 % Benefit Increase for 2012
- Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012.
- Last-Chance Opportunity to Deduct General Sales and Use Taxes?
- For 2011, taxpayers have the option of deducting the amount of state and local income tax that they paid during the year or, if they so elect, of deducting their state and local general sales and use taxes as an itemized deduction on their federal income tax return. This choice is currently scheduled to expire at the end of 2011.
- Is a Home Office Right for You?
- In the current business environment many smaller firms are looking for ways to cut costs. One such possible move would be to relocate from rented office space to a home office. With today’s modern means of communications and virtual marketplace this may be an appropriate consideration for your business.
- The IRS Is Attacking the Medical Marijuana Business
- Generally a business can deduct normal business expenses such as rent, payroll, etc. However, the IRS is using an obscure section of the code passed during the Reagan Administration as part of the “War on Drugs” to deny normal business expenses to medical marijuana-related businesses.
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