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December 2011
Issue: 38
Year-End Tax Planning


Another year has flown by and tax season is right around the corner.  Even though you won't file your tax return for a couple of months, now is the time to start planning to ensure you won't be in for any suprises when you do file your 2011 Income Tax Return.  This has been a fairly slow year for tax changes so not much has been done to change the tax landscape (although 2012 & 2013 should be very busy years for tax changes).  Typically, small business owners, higher income individuals, and anyone that had any significant changes in their tax situation during 2011 (i.e. started a business, saw a large income increase, marriage, etc) should review their income and deductions for 2011 to determine if they will owe tax or get a refund when they file their 2011 tax return.  If you fall under any of these categories, then we can take a look at your tax situation for 2011 and prepare a tax estimate.  Based on that estimate, you would have until the end of the year to employ various tax strategies to lower your tax bill.  If you're curious what you can do before the end of the year to help your tax situation, we have included an article in this newsletter with some year-end tax planning ideas.

I hope everyone has a wonderful holiday season!

Enjoy this month's newsletter! 
Important Points for a Taxpayer in an IRS Audit


The odds are the IRS will not audit your individual income tax return, unless the return has an audit flag, such as reported income less than a person could live on; large deductions of any kind in relation to income, especially business losses and charitable contributions; or perennial business loss deductions.


How much do you know about Social Security?


 If you understand this "Top Ten" list relating to Social Security then you will know more than 90% of all professional advisors, and all of your friends who aren't clients of ours.    



In This Issue
Important Points for a Taxpayer in an IRS audit
Social Security Facts
Year End Tax Planning Tips
Upcoming Tax Deadlines

12 Year-end Tax Planning Tips for Businesses and Individuals


Managing a tax burden has never been more difficult, whether you're managing your individual tax rates, the rates on your investments, the taxes on your privately held or pass-through business, or the income of executives and shareholders at your company. Lawmakers have been aggressively using the tax code to try to get the economy back on track, and there are now more ways than ever to reduce your tax liability - however, all of them take planning.


Upcoming Tax Deadlines

Please let us know if there is anything we can do for you!!


Vetscher & Associates, LLC


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