2010 year end tax planning

The Holidays are fast approaching and you know what that means …..

Time for Year-End Tax Planning

Tax planning for year-end 2010 brings with it many new challenges. With the anticipation of tax legislation that may be put to a vote in Congress before year’s end, recent changes in legislation and tax laws and the complicated context of effective dates for many tax planning incentives, it is important to stay on top of the game!

New legislation that has been passed includes the Patient Protection and Affordable Care (PPAC) Act. This was designed to effectuate fundamental reforms to the U.S health care system. The PPAC brings with it tax credits for employers providing health insurance to their employees, certain medical care tax benefits to children under the age of 27 and small employers cafeteria plans.

Congress also passed the Hiring Incentives Restore Employment (HIRE) Act which provides tax breaks for businesses to encourage hiring and imposes a number of potential burdens with respect to reporting and disclosure of foreign assets. The Small Business Act of 2010 was also passed by Congress and was designed to increase lending to small businesses and create incentives for small business investment.

As new laws take over others are set to expire. Unless Congress acts to extend favorable tax benefits provided under the Jobs and Growth Tax Relief Reconciliation Act of 2003, 2010 will offer some unique opportunities which will not be available next year.

This is the sales pitch...

DKB can help whip away the confusion of the changing tax scene.  With the significant changes in the tax law that have happened in 2010 and the expected changes that will happen in 2011 and after, planning is a must.  Don't miss opportunities that might not be there on January 1, 2011.