An Oakland Calfornia based Tax Return Preparation Firm - Company Message
Tax Tips

Politics will make tax planning more difficult

As I am sure most of you already know, Congress left and went politicking and did not do anything about the possible tax increase that will be in effect starting Jan 1st.

I would hope that they do something soon and will post updates as they are available.

In the meantime, a few things you might want to think about.

One take long term capital gains this year as that is almost sure to change and they will cost more in the future than this year.

Also, defer expenses where you can as tax rates will probably be higher next year for most.

Don't forget a good source of tax deductions is clearing out closets and storage areas. Keep good records for this, but for many with the combination of state and federal taxes if you itemize you may get back 33% of what you value the stuff at back in lower tax liabliity.

There is reading material about contributions on the website.

Any questions, let me know

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