Want to lower your 2011 tax bill? The time for action is running
out, so consider these tax-savers now.
• Need equipment for your business? Buy and place it in service by yearend
to qualify for up to $500,000 of first-year expensing or 100% bonus
depreciation.
• Review your investments and make your year-end sell decisions, whether
to rebalance your portfolio at the lowest tax cost or to offset gains and
losses.
• If you’re charity-minded, consider giving appreciated stock that you’ve
owned for over a year. You can generally deduct the fair market value and
pay no capital gains tax on the appreciation.
• Another charitable possibility for those over 70½: Make a direct donation
of up to $100,000 from your IRA to a charity. The donation counts as part
of your required minimum distribution but isn’t included in your taxable
income.
• Install energy-saving improvements (such as insulation, doors, and
windows) in your home, and you might qualify for a tax credit of up to
$500.
These possibilities for cutting your taxes are just the
starting point. Contact us at (219) 769-3616 or e-mail your
questions to tlynch@swartz-retson.com now for a review of
your 2011 tax situation and tax-saving suggestions that
will work best in your individual circumstances.
SWARTZ, RETSON & CO., P.C.
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