Posted on October - 25 - 2010
What Can You Do Now to Lower Your Tax Burden Next Year?
The package of tax cuts enacted 10 years ago under the Bush Administration is scheduled to expire on December 31st this year. Although there is a tax extenders bill currently under consideration in Congress, any further action has been delayed until after next month’s mid-term elections.
As CB&H’s Mark Burger told West Palm Beach’s CBS12, there are measures individuals can take to prepare for a full sunset.
“We’re talking about accelerating income, looking at converting traditional IRAs into Roth IRAs, electing to take the income in 2010 if we see 2011 and 2012 tax rates are higher, defer recognizing losses till 2011 or 2012 because again if rates are higher you want to use the losses in the later years to offset the income, as opposed to doing it this year when you have a lower tax rate.”
For the full story, please .
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