Our Year-End Edition offers a number of tax strategies that can be employed and make a difference with your 2010 taxes. This edition provides some tax tips and planning strategies that can be implemented before the year’s end. The government has provided a variety of tax incentives to help weather the economic storm, and you are urged to take advantage of these special tax benefits as well as other strategies to keep your 2010 tax bite as low as possible.
Maximizing Available Credits. It's All About Strategy! There are a number of credits that can help reduce your tax bite for 2010. Unlike a deduction (which reduces your taxable income and thus provides a benefit equal only to the deduction amount times your tax rate), a tax credit is a dollar-for-dollar reduction of your tax.