Last Minute Tips For Year End Tax Preparation

Give a Gift:
Taxpayers can give up to $13,000.00 in 2011 to any number of people without having to file a gift tax return.  Larger gifts are taxable, but few taxpayers ever have to pay the gift tax thanks to a credit that covers the bill on up to $5 million ($10 million per married couples) in taxable gifts.

Bond Swaps:
If you hold bonds that have decreased in value, you can lock in a tax loss by selling the bonds and reinvesting in a different bond with the same or higher cash flow. You can use the capital loss to offset any 2011 gains.


Stacey R. Edwards Jones, Managing Partner

Jones Law Office
212 Madison Avenue, Suite 100 | Mankato, MN 56001
phone: 507.385.4488 | fax: 507.385.1288 | website:
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