Time is running out to take your 2011 tax breaks. Use them while you can - with tax changes looming, financial advisers say some long-standing deductions may soon disappear.
"We're moving into a new tax era. Even if the Bush tax cuts don't expire in 2013 you'll see 'backdoor' tax increases, like limits on deductions," says Eleanor Blayney,[CFP®, CFP Board's Consumer Advocate and] a Mclean, Virginia adviser. "We usually say to save deductions for a high-tax year - but if they may disappear, you want to take them in 2011 or 2012 if youcan." Read more >
December 6, 2011