Special Delivery: November 2011

This month's Special Delivery e-newsletter includes the following articles:

Year-End Tax Planning

Once again we find ourselves with the Holidays upon us and we wish you and your family all the best for the upcoming season and for all of 2012.

As we touched on last year, tax planning for the year ending 2011 and beyond will again prove challenging due to uncertainties over whether Congress will enact sweeping tax reform. And even if there’s no major tax legislation, Congress will have to deal with the “patch” to the alternative minimum tax, and decide what to do about the expiring of the Bush-era income tax cuts.

Regardless of what Congress does late this year or early the next, there are solid tax savings to be realized by taking advantage of tax breaks that are currently on the books for 2011, but may be gone next year. We have compiled a checklist of actions based on current tax rules that may help save you tax dollars if you act before year-end. Not all actions will apply to your particular situation and the alternative minimum tax might affect some of these decisions, but please review the following list and contact us at your earliest convenience so that we can advise you on which tax-saving moves apply to you.

These are just some of the year-end steps that can be taken to save taxes.If you have any questions, please do not hesitate to call. We would be happy to meet with you at your convenience to discuss the strategies and requirements outlined above. There is still time to implement these strategies to minimize your 2011 tax liability, as well as plan ahead to reduce your 2012 tax liability.

Contact our Jenna Staton in our tax department at 440-449-6800 if you have any questions or concerns with the items highlighted in these links.

InvestOhio Tax Credit Registration Now Open: Quick Action Required

Are you ready to take advantage of the new InvestOhio tax credit? The registration period is now open and registration must be completed before you can apply for the credit. The application date is scheduled to be December 5th and now is the time to ensure that you are registered to apply.

Click here for an informative InvestOhio FAQ that includes a step-by-step walkthrough of the registration process.

Not sure if you qualify or need help registering? Please contact Amy Gibson (agibson@skodaminotti.com) or Jenna Staton (jstaton@skodaminotti.com) to discuss our Cleveland tax services at (440) 449-6800.

Make 2012 a “Record Year” for Taxes

The IRS generally requires taxpayers to shoulder most of the recordkeeping responsibilities. If you have not kept the necessary tax records in the past—or if your recordkeeping has been inadequate—make it your New Year’s resolution to improve in 2012.

Click here to read more on tax planning in 2012.

Happy Trails: Getting Ready for Retirement

For many businesspeople, retirement is the “last frontier.” Will you have saved enough to live comfortably on a fixed income? Will you be forced to make drastic changes in your lifestyle? Will you be able to live long in relatively good health? Will you happily ride off into the sunset?

Although your overall fate is still unknown, you can improve the likelihood of a happy retirement by assessing your situation and reacting accordingly. Here are several suggestions to follow:

Click here for more information on getting ready for retirement.

How to Put Time on Your Side

Frequently, business owners deal in “commodities,” such as the goods that the company might produce or sell to the general public. Yet they may pay scant attention to one of the precious commodities: time. Successful businesspeople understand this concept and treat time as one of their most valuable resources.

Click here for more information on time management and how to put time on your side.

Group Workers' Compensation Programs

Companies will soon be in a position to again decide on their group workers' compensation program for the rate year beginning July 1, 2012. The deadline to sign up with any group is February 29, 2012. The BWC may be making further changes to the program, but the final elements of the program will not be announced until the end of November. As a result, you should expect to start receiving any quotes you requested at the beginning of December. Even though the BWC has lowered its discounts, it is still an opportunity to save precious dollars.

Click here for more information on Group Workers' Compensation Programs.

Skoda Minotti Professional Receives Certified Exit Planning Advisor Credential

Our own Mike Trabert has received the Certified Exit Planning Advisor credential.

Click here for more information on Mike Trabert's newest Certified Exit Planning Advisor (CEPA) credential.

For more information on Skoda Minotti, a Cleveland and Akron business advisory firm, please call 440-449-6800.

Tax Planning & Compliance Blog