Tax Impact - November/December 2011 Edition
Tuesday, November 01, 2011 - Miguel G. Farra, CPA, JD
MBAF is pleased to present the November/December 2011 issue of Tax Impact. We encourage you to read through it for ideas about ways you can reduce your individual or business tax bite.
In this issue we explain that, if you receive financial relief, you need to watch out for taxes you may owe on cancellation-of-debt (COD) income. We show how jointly owning property with children can result in unintended consequences. We discuss why, when moving money into and out of your company, it's advantageous for you to characterize the transactions as loans. And we offer several tax tips regarding gift tax returns, business travel expenses, and charitable deductions.
To view a PDF of this newsletter with full articles, please visit our website by clicking
Tax Impact - November/December 2011 Edition
Our firm excels at addressing financial and strategic issues. We would welcome your questions or comments about the topics discussed or others related to reducing income and business taxes, preserving estates and more. 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
- CPA, JD, Principal
- mfarra@mbafcpa.com
- (305) 373-5500
