Tax Planning for 2011
Work out of your home? Don't miss any applicable business expenses!
Consider a like-kind exchange on property being sold and replaced in order to defer tax on gain on sale.
Non-itemizers can now deduct for property tax.
Be careful with classifying an employee as an independent contractor.
The mileage rate for 2011 after July 1 is now 55.5 cents
Are you an LLC? Consider an S-Corp election. There are many tax benefits in comparison to filing a Schedule C.
Charitable contributions are not added back to income for AMT purposes.
Have any appreicated stock? Consider donating to a charity. You get to deduct the FMV and avoid Capital gains tax.

