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Tax Impact - July/August 2011 Edition

Monday, August 01, 2011 - Miguel G. Farra, CPA, JD

Dear clients and friends:
 
In an uncertain economy, you may want to hunker down and hold tight, but that could be the wrong strategy. With recent changes in tax laws, now is a good time to review your tax situation.
 

MBAF is pleased to present the July/August 2011 issue of Tax Impact as a way to help you improve your financial situation and reduce taxes. The articles cover several topics we think you’ll want to know about. Specifically, we describe the different ways of transferring interests in a family business to the next generation. We look at what activities qualify for the research credit and how much it can be worth, and explain that time is running out to disclose “hidden” foreign accounts. And we briefly discuss whether an expense is deductible if someone else pays it; the tax consequences of not paying back a loan against an insurance policy; and tax deductions for certain energy-efficient improvements.

Our firm excels at providing tax and other financial services. We welcome your questions or comments about the topics discussed or others related to improving your financial situation and reducing your tax bite. Please call us at 1-800-239-1474 and let us know how we can be of assistance.

We look forward to hearing from you and helping you meet your financial objectives.
 
Sincerely,
 
Miguel Farra