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Welcome to Daszkal Bolton LLP

Daszkal Bolton LLP is one of the most highly recommended certified public accounting and financial consulting firms serving South Florida. For almost 20 years we have been serving individuals, families, entrepreneurs, public and private corporations, as well as not for profit organizations. Consistently ranked as one of the Top 25 Accounting Firms in the region for tax, audit, and accounting, Daszkal Bolton offers a unique blend of technical knowledge, experience, and customized services to a broad range of industries. 

December 2011

 A Dozen December 31st Tax Saving Ideas That Can Still $ave You Money

Your Daszkal Bolton Account Manager can assist you in identifying tax planning and saving opportunities which can still be implemented next week before the tax year ends December 31st. Our Partners offer a few suggestions below:

• Prepay any state income tax due this year by December 31st in order to get a current year federal tax deduction.
• If you expect to get a bonus next week, you may want to see if your employer will hold off writing the check until January.
• Consider converting a traditional IRA to a Roth IRA. Balances in a Roth IRA grow tax free and distributions from Roth accounts are generally not taxable after a five-year holding period, and there is no minimum distribution requirement.
• Pay any deductible expenses before December 31st - like property taxes, an extra mortgage payment, etc.
• Homeowners still have until December 31^st to make energy-saving and green-energy home improvements and qualify for either of two IRS home energy credits! You can claim both Non-business Energy Property Credits if you qualify, and because these are credits and not deductions, they reduce the amount of tax owed dollar for dollar!! Eligible taxpayers can claim these credits on a 2011 income tax return whether or not they itemize deductions on Schedule A.
• If you intend to make gifts to children (or other relatives), do it a few days before December 31st so that the checks clear. Gifts up to $13,000 per person need not be reported.
• Review your investment portfolio to determine whether you should sell some "losers" before year end in order to offset capital gains you have already realized.

Click here for many more ideas and the full article.

December 2011

 Investors and the New 1099-B for Cost-Basis Reporting Requirements 

New cost-basis reporting requirements are in effect for the 2011 tax year, and many Daszkal Bolton clients will for the first time receive a revised 1099-B form packed with new transaction information. The first phase of the rules will require custodians, broker-dealers and others to report the cost basis for all equities purchased on or after January 1, 2011, on the new 1099-B form to the IRS as well as their clients. 

Daszkal Bolton would like you to know that the new 1099-B form will now include details on cost basis, holding period, whether a lot is covered or not, acquisition date and disallowed losses from a wash sale. 

Under the legislation, the default method for brokers to calculate cost basis is first-in, first-out. Clients or their advisors can designate an alternate method (last-in, first-out, lowest price to highest, etc.) either as a default or for specific lots, but once a trade settles, the method cannot be changed. That method lock-in will also have implications for how advisors engineer tax-sensitive investments.

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