Current Developments

2011/2012 Estate and Gift Tax Planning

2011/2012 Estate and Gift Tax Planning Below, I discuss making gifts to children and grandchildren during 2011 and 2012 without incurring any gift tax. Many of these techniques also will reduce your overall income tax burden.
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2011 Year-End Tax Planning for Businesses

2011 Year-End Tax Planning for Businesses

As 2011 draws to a close, there is still time to reduce your 2011 tax bill and plan ahead for 2012. This letter highlights several potential tax-saving opportunities for you to consider. I would be happy to meet with you to discuss specific strategies and issues.

2011 Year-End Tax Planning for Individuals

As a general reminder, there are several ways in which you can file an income tax return: married filing jointly, head of household, single, and married filing separately.

A husband and wife may elect to file one return reporting their combined income, computing the tax liability using the tax tables or rate schedules for “Married Persons Filing Jointly.” If a married couple files separate returns, under certain situations they can amend and file jointly, but they cannot amend a jointly filed return and file separately. A joint return may be filed even though one spouse has neither gross income nor deductions.

If one spouse dies during the year, the surviving spouse may file a joint return for the year in which his or her spouse died. Certain married persons who do not elect to file a joint return may be entitled to use the lower head of household tax rates. Generally, in order to qualify as a head of household, you must not be a resident alien, you must satisfy certain marital status requirements, and you must maintain a household for a qualifying child or any other person who is your dependent, if you are entitled to a dependency deduction for the taxable year for such person.