NOW:53092:USA01012
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA01012
79°
H 79° L 61°
Partly Cloudy | 16MPH

Year End Tax Tips

Dec. 14, 2010

Nolan Accounting Center of Greenfield is a locally owned & operated family business offering accounting & tax preparation for individuals for over 45 years, knows that tax time is just around the corner. They saw many tax law changes this year, & even more are coming in 2011. Their advice? Be prepared!

 

Nolan Accounting Center offers a checklist of tax tips for individuals, courtesy of the National Society of Accountants & CCH, a Wolters Kluwer business. Choose your brackets carefully because you may want to accelerate income & defer deductions if you expect your income to be higher in 2011.

 

Beware of upcoming limits on itemized deductions because if you’re a higher-income taxpayer who will be affected by the limit on itemized deductions, you may want to try to accelerate deductions into 2010 instead of 2011 if possible.

 

Also, Take advantage of lower capital gains rates because for 2011, the maximum tax rate on long-term capital gain is scheduled to rise to 20%, with a 10% rate applying to taxpayers in the lowest brackets. Saving energy pays off. If you have made certain energy-efficient home improvements this year, you may be able to claim a credit for some or all of the repairs.

 

Other tax law changes for 2010, such as tax incentives that expired in 2009 & possible changes to the Alternative Minimum Tax, should also be examined for their impact on taxable income & tax rates.

 

For additional year end tax tips, please contact Timothy R. Nolan at (414) 425-5690 extension 441, tnolan@nolanacctgctr.com or go to www.nolanacctgctr.com

 

 

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» Armed robbery avoided with a push at Brown Deer Walmart 12:58 PM

» Police chase, gunfire began with Porsche stolen at gunpoint Updated:  8/1

» Tochi in Shorewood is closing 7/31

» Lipscomb selected to replace Dimitrijevic as board chair 7/30

» Football coach Drake Zortman leaves Shorewood/Messmer for Homestead Updated:  7/29

» Senior-heavy Nicolet baseball team showed improvement this season 7/29

» Shorewood baseball team struggles with youth 7/29

» Whitefish Bay memorializes woman killed in crosswalk Updated:  7/29

» Brown Deer baseball team hung together despite tough season 7/29

» Shorewood debates trick-or-treat times Updated:  7/29

» Glendale evaluates city hall improvements 7/28

» 'Milwaukee lion' spotted in Glendale Updated:  7/28

» North Shore communities react to state ban on municipal home inspections at time of sale 7/27

» Brown Deer closes on sale of former American TV and Appliance building 7/27

» Woman robbed at gunpoint at Brown Deer bank 7/27

» Bizarre play leads to Homestead "9" sectional loss to Falls 7/22

» North Shore area baseball teams drop tough regional contests 7/22

» Whitefish Bay baseball team comes up just short of Falls in regional thriller 7/22

» Brown Deer municipal buildings need improvements 7/22

» The Suburban 16 Power Rankings: Watt, Niebrugge, and others on the next level 7/22

» Mequon seeks to develop 13 acres in town center district 7/22

» Niebrugge makes Homestead High proud again with finish at British Open 7/22

» Thiensville apartment developer agrees to consider smaller condominium development 7/22

» Whitefish Bay man allegedly charged officer with knives, screamed 'kill me' in officer-involved shooting 7/21

» Initial Reaction Podcast: A dumb-sports-fan's guide to the Bucks arena financing situation 7/21

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Local Business Directory

CONNECT    

Advertisement