Year-end tax guide for 2011
Our 2011 guide discusses what’s new this year in tax law and provides an overview of strategies to deal with your situation. We’ve highlighted our top action opportunities you can put into play right now and included sections that focus on tax opportunities from a business perspective. Our guide will help show you how to invest for education and retirement and transfer your wealth to loved ones as tax-efficiently as possible.
Here are 12 of our top tips:
- Accelerate deductions and defer income.
- Bunch itemized deductions.
- Maximize “above-the-line” deductions.
- Consider charitable contributions carefully.
- Leverage retirement account tax savings.
- Roll over into a Roth account.
- Expense business investments.
- Consider your salary as corporate employee-shareholder.
- Make up a tax shortfall with increased withholding.
- Don’t forget to use annual gift tax exclusion.
- Watch out for the “kiddie tax.”
- Perform an overall financial checkup.
Related documents
Year-end tax guide for 2011 Our 2011 guide discusses recent and upcoming tax law and provides an overview of tax planning strategies for you to consider. Topics include tax law changes, individual tax rates and rules, alternative minimum tax, investment income, executive compensation, business ownership, charitable giving, education savings, retirement savings and estate planning.
This website supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document we encourage you to contact us or an independent tax advisor to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with, or attached to this document is not intended by Grant Thornton to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.
