- Only 2 Days Left For 2011 Tax Deductions
- We would like to remind you that the last day you may make a tax deductible purchase, pay a tax deductible expense or make a tax deductible charitable contribution for 2011 is Saturday Dec. 31.
- IRAs and Prohibited Transactions
- Congress created IRAs so that individuals could set aside funds for their future retirement, and as an incentive to contribute to an IRA, permitted the contribution to be tax-deductible, unless the individual also participated in an employer's retirement plan and had income exceeding a specific threshold. However, Congress put safeguards in place to make sure the IRA funds are not used for purposes inconsistent with prudent retirement savings.
- Tips for Year-End Giving
- Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:
- Last Minute IRA Reminders
- It is just a little over a week until the close of the 2011 tax year. But before the year ends, there may be some outstanding IRA issues that may require your immediate action. Here are a few December 31st deadline topics to consider:
- Is It a Business or a Hobby?
- The distinction between a business activity and a hobby is not a black-and-white issue but instead comes in various shades of grey, which makes it a frequent topic in tax court.
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