Wednesday, November 7, 2012

Taxes or Death, take your pick

Dabama get some tax "cuts" in place in order to get elected, it worked for him.

Needless to say, I am not your tax advisor, however I did buy this book on Amazon, and it cuts to the chase, I bought it in 2012, but it helped for 2011, saving $3500 or so for me, which is sure worth it for a few hours of sun tan reading.    Its a big book, you skim it.

sheesh it's less than $13 and free super saver shipping  

For sure--starting in less than 2 months, you can expect--

  1. Income tax rates are going up
  2. Capital gains rates are going up
  3. Rates on dividends are going up
  4. Estate and gift tax exclusions are going down.
It is often better to "kick the can" down the road in terms of income, but that theory may not apply anymore.

For 2012 it may be best to recognize all the income that you can, even get people to "pre-pay" for 2013 services at a bit of a discount.   And then protect 2012 income best you can with any deductions that can come to play.  

Oil Investments
Solar Investments
Write off bad debts (if you collect them later you still have to them claim as income)
Write off any theft of other losses

No comments:

Post a Comment

Insightful and Useful Comment!