Download a PDF of this article.
During the holiday season, tax planning may be one of the last things you want to think about. This year, though, it is essential to your financial future to take a look down the road. Many moving parts are in play:
- The Patient Protection and Affordable Care Act imposes some new taxes on various types of income and restricts the use of pretax health savings account dollars for nonprescription drugs and other items.
- The “Bush tax cuts,” which have lowered marginal tax rates across the board for the past decade are set to expire. Negotiations for a legislative compromise were under way at the time our guide went to print.
- The estate tax, which did not exist in 2010, is scheduled to come back in 2011, with higher rates and a lower exemption amount. This is also part of the negotiations in Washington.
Depending on your income level – and its sources – you can expect to face a bigger tax bill next year unless you take a strategic look at your whole financial picture. Contact your AKM CPA today to set up an appointment. We will be happy to help you map out the potential scenarios and protect your hard-earned resources. Before we meet, you might find the attached Tax Planning Guide helpful and thought-provoking. Watch for further details of changes made by Congress that may impact your 2010/2011 tax considerations.
Here’s to a happy, healthy and prosperous 2011!
Adelman Katz & Mond LLP
Your Most Trusted Business Advisor
230 West 41st Street, 15th Floor
New York, NY 10036-7207
212-382-0404
fax: 212-382-2686
www.akmcpa.com
Partners:
Alan R. Adelman, CPA
Lawrence Katz, CPA, CFP®, PFS
David E. Mond, CPA
Jack E. Gold, CPA
Stuart J. Hammer, MBA, CPA
Warren M. Bergstein, CPA, AEP
Craig L. Venokur, CPA
The AKM family of companies aims to be our clients’ most trusted business advisor. To earn that trust, we work hard to improve on our own expertise, which has been honed over 40 years. And to cover all the bases, we build successful collaborations with other professionals — including attorneys, bankers, investment managers and insurance brokers. We invite you to find out more about the benefits of having us as your most trusted business advisor. ®
Adelman Katz & Mond LLP. All rights reserved.
To comply with the requirements of Circular 230, which provides regulations governing certain conduct of U.S. tax lawyers giving written advice with respect to U.S. tax matters, please be aware that any U.S. federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used by you or any other person for the purpose of (i) avoiding penalties that may be imposed under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein.
