The fall season is always a good time to revisit your tax plans for year's end to make sure you're doing the right things to ease the tax burden come April 15.

To be sure, with so many changes set to take place going into 2011, it is doubly important to spend the proper time now to plan for year-end.

To start, several tax cuts enacted in 2001 and 2003 will expire on Jan. 1, 2011.

This means that on personal income, top federal tax rates will rise from 35 to 39.6 percent.

Tied to this, certain limitations on itemized deductions will be restored.

Next, the long-term capital gains rate will increase from 15 to 20 percent. And 2011 will bring with it the return of the "marriage penalty." This affects families where both spouses work.

The "penalty" means that when filing a joint tax return, their tax liability is greater than when filing separate tax returns when they were single. Add to this that the child tax credit will be reduced, along with credits for dependent care and adoption.

And on Jan. 1, the federal estate tax will return after a one-year hiatus.

In short, this means that now may be the time to consider taking the necessary steps in 2010 that certain income is received while tax rates are more favorable.

For we all know that the law of gravity does not necessarily apply to taxes. What goes up does not always come down.

-- Dennis Loughran
Schneider Downs & Co. Inc.
dloughran@schneiderdowns.com

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