Get Your Taxes Ready for All Star to File

As you are gathering information for your 2011 tax return remember that we don’t need all of your information to get a good start on your return. If you are waiting for just a few items, please send in your information now. We can add the missing pieces later. Not only will your return be finished earlier than it otherwise would be, but we will have a better idea of what you will owe on April 15th.

Looking forward to 2012 tax law, believe it or not everything is still in limbo. If a more permanent tax structure is not adopted before the end of 2012, the income, gift and estate tax rates will revert to pre-2001 law. The result would be an increase in tax for all classes of taxpayers.

Most of our congressmen and the President do not support rate increases for the low- and middle- income taxpayers. Tax rates are being debated for individuals with income above $200,000 and couples with income above $250,000. A resolution is unlikely until after the 2012 presidential election. For now, we can still enjoy the Bush-era tax cuts.

Thank you in advance for getting your tax information together to bring into our CPA, Beth Johnson. Please call if you have any questions, 952-896-3820.

Have a great day!

Bob and the All Star Team