This is the best time to check your tax situation for 2011 and get some help before we approach the end of the year, December 31, 2011. Once we get close to the end of the year, there is little you can do to adjust your tax liability.
Among the things you may consider are:
1- Do you pay in to much or too little during the year?
2- If you file yourself your tax return, do you doubt that you took all available deductions you qualify for?
3- What cash outflows you need to maintain your life style?
4- Can you get a tax rate reduction on your tax return by doing some investment allocation-from one asset class to another?
5- What role play my earned Income have on my social security benefits collected?
6- How much money you need to take as a distribution from your IRA and how much tax would I pay as a result of that?
7- How much benefit I will get by purchasing an energy efficient appliance or making a home improvement?
8- Do you have the too much before tax investment vehicles
than after tax or tax free investment vehicles? 9- Do I be better off taken the standard deduction or itemizing?
10- Can I time my itemized deductions to get more deductions in one year and reduce my tax liability?
11- Should I need to update my beneficiary names on my retirement plans, insurance policies, etc., due to the changes in the family relationships and other situations?
12- Should I be better of renting/leasing a car or a house?
The possibilities are endless as well as the factors to consider. But, you can lessen the impact by acting early in the year. Additional comments will follow.
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