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Saturday, December 11, 2010

Tax Tip - General - Action Required Before 12/31/10

Specific planning should be done to cause itemized deductions to become deductible on 2010 filed tax returns.  Sometimes it can be desirable to cause itemized deductions to NOT be deductible until 2011 filed tax returns.  Generally, charitable contributions, property taxes, and residential mortgage interest are items that taxpayers can plan which year they become deductible.  I will add three specific messages regarding each of these items.

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