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Year-end tax planning: 10 ways to slash personal taxes

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Your year-end tax planning is under a cloud. The prospect of major tax reform makes it difficult to develop a plan that won’t unravel if Congress enacts significant new legislation before the end of the year. Nevertheless, you can make the best of a bad situation: Implement those tax strategies that appear to be safe and sound for now. When it is appropriate, individual taxpayers can shift income and expenses at year-end. Here are 10 top tax-cutters for 2011.    

1. Time securities sales for taxes. If your losses exceed your gains, you can use the excess to offset up to $3,000 of ordinary income in 2011. Any remainder is carried over to 2012.

Strategy: As long as it makes financial sense, harvest losses at year-end to cancel out earlier capital gains. Conversely, if you’re showing a net loss for the year, take down capital gains before year-end and use the earlier losses to shelter the gains.

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{ 1 comment… read it below or add one }

Jose December 8, 2011 at 11:38 pm

Buy gold and bury it in the back yard. It’s not worth getting ulcers trying to navigate through the corrupt market manipulation and mind boggling paperwork.

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