In This Issue

• Business Incentives for reducing taxable income through Bonus Depreciation.
• Independent versus a Statutory Employee for withholding tax.
• Finally, the new Estate  & Gift Tax Changes.

Did You Know?

Tax Planning is a critical part of being efficient from a cash flow perspective, as well as meeting your longer term wealth building objectives.

About the author.

Paul Sinaly, MBA, CPA  is the founder of P. Sinaly, CPA, P.C.  

Paul has advised high net worth professionals and business owner for over 20 years.

Prior to starting his own CPA firm, Paul spent 28 years with Citibank, and was responsible for the Commercial Banking Group in Central Manhattan working with Business owners & Professionals  on business strategy, business financing, tax, accounting and cash management solutions. He has deep industry experience and can immediately add value to your business results, and achieving your wealth building goals & dreams.

Greetings Fanny

I welcome you to read all three articles on Tax Planning. The New Tax Relief Act passed on December 17th of 2010 had big changes for both small business owners and high net worth individuals furthering estate and gift tax planning. The new Tax Relief Act makes it clear to to complete tax planning for the next two years. Now is the time to ask yourself the question, how will you take advantage of these changes.

Business Incentives to reduce taxable income.

The 2010 Tax Act expands the first-year bonus depreciation deduction to 100% of the cost of qualified property purchased after September 8, 2010 through December 31, 2011. This boosts bonus depreciation from 50% to 100%, thereby providing benefit similar to section 179 for business owners to expense, or immediately deduct, the costs instead of depreciating this over a specific future period. Bankers like to see this because.............

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Independent versus an Employee withholding Tax

I work with many of my clients on this issue and advise new clients on the increasingly high audit risk this brings. As you well know, both the Federal and New York State governments are looking for revenue producing audits, and even though I mentioned this topic last year...............

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Finally, the new Estates & Gift Tax Changes.

The 2010 Tax Relief Act reinstates the Estate and Generation Skipping tax (GST).  For 2011 & 2012, the top estate tax rate will be 35% for the Federal, and the applicable exclusion amount will be $5 million per individual.......

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P. Sinaly, CPA, P.C. | 516-487-9500/ yournycpa.com

17 Maple Drive Great Neck, N.Y. 11021