What have you learned today?

As the end of the year approaches, your tax plan might involve selling assets to take advantage of beneficial capital gain rates, which can be as low as zero percent for 2011. The success of your planning efforts depends in part on knowing your investment in the property you're selling. In tax terms, that's your basis, which is used to calculate your gain or loss.

You may be more familiar with the term "listed property" in the context of real estate, but the term also applies to some business assets — and affects the records you need to take deductions for those assets.

You've probably heard that the IRS has undertaken a new initiative to make sure workers are properly classified as either independent contractors or employees. At issue is the collection of payroll taxes, including FICA taxes (social security and Medicare), which are generally required to be withheld from wages by law.

The problem with secrets is this: Secrets cause problems. That's especially true when you're married and file a joint tax return, because you may be liable for your spouse's secrets.

There are many tax rules to consider and become familiar with regarding annuities.

It turns out you can go back after all — at least when it comes to last year's decision to convert your traditional IRA to a Roth. The question is, do you want to?

Reductions in business income may have you contemplating how you can cut back on expenses. If one area you're eyeing is the contributions your business makes to your SIMPLE IRA plan, remember your plan must follow the rules in order to keep the tax benefits for both your business and your employees.

If you are thinking of opening a 529 college savings account for yourself or your child, a review of the tax rules should be on your to-do list. Here's a summary.

Since there are no federal income taxes imposed on the purchase of a business, as the buyer of an existing company your focus may be on other areas, such as obtaining credit or valuing inventory.

Are you the beneficiary of an estate created in 2010? If so, you might want to start thinking about your basis in the assets you inherited.

Unlike leopard spots and tiger stripes, tax credits do change. And, in the federal tax equivalent of spots and stripes, some even change from non-refundable to refundable. For instance, the Hope scholarship credit was modified in 2009 and became partially refundable as the American opportunity credit. In 2010, the adoption tax credit became refundable.

Have you noticed the price of gas? So has the IRS, and — for the fourth time since 1999 — the reimbursement rate for business mileage has changed mid-year. From July 1 through December 31, 2011, the new rate is 55.5¢ per mile. That's an increase of 4.5¢ from the January through June rate of 51¢ per mile.

The changes to laws governing Roth conversions that took effect in 2010 brought IRAs to the forefront of tax planning conversations. Those conversations will likely continue this year, as some changes to your new Roth can be made through October 2011.

Bicycles may well be the vehicles of novelists and poets, as stated by journalist Christopher Morley. But these days bicycles are also the vehicles of commuters — and if they're the vehicles of commuters who work in your business, you can offer a nontaxable fringe benefit of up to $20 per month.

In addition to regular compensation, do you pay employees other wages, such as commissions, awards, or back pay? If so, these payments, known as supplemental wages, may be subject to special rules that affect how much federal income tax you withhold.

Forget some of those newfangled 1099 rules that were supposed to take effect starting this year. For certain business and rental expenses, old school is back.

Do you have a plan for your business? And if you do, is it an accountable plan?

As you finalize your 2010 return, here's one more thing to remember: Unlike the estate tax, the gift tax never went away. If you funded a trust or transferred assets to someone during 2010, you may need to file a return reporting those transactions — and that return, along with any required tax, is due April 18, 2011, just like your regular income tax forms.

As a homeowner, you know about ceilings. You're probably also familiar with the itemized deduction for mortgage interest. But you may not be aware the mortgage interest deduction also has a ceiling — two of them, in fact.

When you think of the three "R's," refunds, rebates and reimbursements may not be the first words that come to mind. However, they do go together in tax law. All three are common forms of recoveries, a tax term describing a type of miscellaneous income.

Beginning this year, your broker will track the basis in stocks you purchase. When you sell your shares, the basis will be reported to you — and the IRS — on the stock-sale statement you receive at the end of 2011.

Did you buy your current home between April and December of 2008 and claim the then-new federal tax credit for first-time homebuyers?

How many tax incentives can you use to change a lighting system?

There's a new tax break this year, and you'll want to update your budget to accommodate it. The compromise tax legislation passed in December included a payroll tax cut for 2011.

So what's in the tax law enacted in late December? In general, the new legislation means many of the breaks you're already familiar with will apply to your 2010, 2011, and 2012 returns. Here are some highlights.