It's Time for a 2011 Tax-Cutting Checkup
There are several tax breaks slated to end after this year. Make time to review your tax situation now to see if you can take advantage of any of the following to lower your 2011 tax bill:
- The above-the-line deduction of up to $4,000 for higher education expenses.
- The above-the-line deduction of up to $250 for classroom supplies purchased by teachers.
- The option for taxpayers 70½ or older to make tax-free contributions of up to $100,000 from an IRA to charity.
Also, don't forget to check your exposure to the alternative minimum tax (AMT) for 2011. The "Tax Relief Act of 2010" increased the AMT exemption amount for 2011 to $48,450 for single taxpayers and to $74,450 for couples. The AMT is a separate tax calculation originally designed to apply only to the wealthy. In recent years, the AMT has begun to hit even middle-income taxpayers.
Call Kemper CPA Group at 1-866-900-4236 if you would like to schedule a review to discuss the best 2011 tax-saving strategies for your individual situation.
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