Our privacy policy has changed. By using this site, you agree to the Privacy Policy and Terms of Use. Dismiss

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

 

 

Community Watch

» Shorewood gives $100,000 grant to new restaurant Updated:  01:45 PM

» Nicolet softball team turns things around under Berghaus 01:12 PM

» Relays cement Homestead track teams' second-place finishes at Tosa invite 11:52 AM

» North Shore golfers tearing up area courses 11:39 AM

» SPORTS SHORTS: May 5 11:28 AM

» Nicolet, Fox Point-Bayside school districts will share administrators Updated:  10:55 AM

» Glen Hills recognized as a Green Ribbon School 5/3

» Dominican High School grad Kevin Brauer repurposing old clothing with Upties business 5/3

» Update: Missing 15-year-old girl has been found 5/3

» Initial Reaction Podcast: Schobert, Watt, Packers and social media foibles of NFL Draft 5/2

» Draw between Whitefish Bay and Nicolet heats up NSC soccer race 5/2

» Solar energy interest is heating up in Shorewood 4/27

» North Shore Sports Shorts: April 28 4/27

» DOT to host hearing on intersection of Brown Deer, Green Bay roads 4/27

» Soccer rivalry heats up on cold night as Nicolet and Bay girls tie, 1-1 4/27

» Youthful Nicolet soccer team off to 8-1 start 4/26

» 26-year-old killed in shooting on Glendale border 4/26

» Teachers continue scholarship program on their own 4/26

» Davis officially retires as Nicolet swim coach 4/26

» New version of Peter Pan to debut at Homestead High School 4/26

» Shorewood's former Village Pub will reopen in May as Cloud Red Updated:  4/26

» Whitefish Bay restaurant Moxie to open in late summer 4/25

» Shared superintendent proposal between Fox Point-Bayside and Nicolet weighed Updated:  4/25

» Initial Reaction Podcast: Previewing NFL Draft with Rob Reischel and Nathan Tanguay 4/25

» How referendums expand the gap between haves and have-nots 4/23

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

CONNECT    

Advertisement