You have only less than a month for the New Year. However you can cut your taxes by acting now, following are some tax tips:
1. 100% deduction for entertainment expenses; if you invite all your work force. If you choose to invite some of them. Your deduction is limited to 50%.
2. You still can enjoy “hiring Incentive” in acted by (HIRE) Act. If you have a new employee you can skip paying 6.2% SS Tax for wages paid to 12-31-2010. If the Worker stays on the payroll for 52 consecutive weeks, you can save a credit up to $1000 for 2011.
For more details about (HIRA) act call your tax Pro or Call 800-617-1223.
3. If you are planning to use itemized deduction for 2010 in lieu of standard deduction to pay you should all medical bills before 12-31-2010 and all donations before 12-31-2010.
4. 12-31-2010 Is the last day to establish :
· KEOGH PLANE
· MONEY PURCHASE PLAN
· PROFIT SHARING PLAN
You do not have to make a contribution when you establish the plan. You can make the Contribution up –to-date of filing including extension 10-15-2011.
You can contact your tax Pro to knew more about every plan and how much is your deductible contribution.