Toni Nitti, a CPA and tax partner at accounting firm WithumSmith+Brown, is a contributor to Forbes, and has offered several tips for tax planning now that we know the results of the Presidential election.
"After nearly two years of examining the tax policies of every serious potential Presidential candidate — and enduring countless malicious attacks because I continuously failed to include Ron Paul among that group — my analysis can at long last have a singular focus, as we finally have our new President, who just so happens to be our old President."
You can read the full article here, but here are the top-level summaries:
- Accelerate year-end bonuses into 2012.
- Exercise non-qualified stock options during 2012.
- Purge E&P in an S Corp in order to take advantage of reduced dividend rates.
- Sell your business, if you've been considering it already.
- Elect out of the installment period.
- Die. (He says he's joking, "of course," but regarding estate taxes and the liklihood that the exemption will end, well... that's his opinion.)