We are going to take a break from tax planning this week. Instead, the family of Bradstreet & Company would like to wish you and your family the most joyous holiday season and best wishes for 2011.

Go through your house and garage and see what items you have not used in the last two years and donate them to charity. You can clean out space for all the new toys that are coming and receive a tax deduction for it!

The IRS issued guidance recently in a Rev. Proc. 2010-36 providing relief to homeowners who have suffered property loss due to the effects of certain imported drywall installed in homes between 2001 and 2008.

Ranking members of the House and Senate tax committees are promising to do “whatever is necessary” to enact Alternative Minimum Tax (AMT) relief for the 2010 tax year.

Last week we looked at some of the pending tax increases in 2011 if congress does not act by the end of the year. Since no one can predict what congress may or may not accomplish, the following are some planning tips to consider: