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Year-End Tax Planning for 2007 |
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Now is the time to finalize your tax moves for the 2007 Tax Year. Many of the options that you have will be lost on January 1st, from a legal standpoint, But from a practical and logistical standpoint, final year-end moves need to be put into motion in November and early December so that all of the components may be organized and put into operation before December 31st.
We invite you to spend some time with the "Tax-Estimator" that is available in the selections just below. Project your income, tax payments, expenses, deductions and other items to project your taxes for 2007. If you are not happy with the result, we will be pleased to discuss your situation with you and to assist you in minimizing your income taxes. |
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Use the Tax Calculator below to estimate your taxes for 2007. Make your best moves now - call us, we can help reduce your taxes.
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There are many excellent opportunities still available to reduce your 2007 taxes. Some of these are listed below, but substantial reductions require individual analysis and planning. We will be pleased to meet with you or to conference with you to discuss your particular situation. |
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Retirement Accounts. We have a complete analysis of the many types of retirement accounts that are potential choices at Comparison of Qualified Plans. Take a look at the Excel spreadsheet at this link and then contact us. We will assist you to set up the maximum deductions for the plan or plans that you choose and assist you to move those funds and any previously deposited funds into a true self-directed account for which you have the checkbook. |
| Domestic and Offshore Insurance. Tax-deductible insurance, including life-insurance, may be an excellent choice for you and may be a year-end move that produces important tax and business advantages. These are individually tailored programs and are beyond the scope of what is presented in this website, but we will be pleased to discuss the programs with you to determine whether these strategies may be beneficial. |
| Tax Elections. If this is your first year with a new business or in a new area of investment, there may be important tax elections to be made with this year's return. Preplanning is important. |
| Equipment Purchases. If you are planning to purchase new equipment for your business, it may be to your advantage to purchase now, provided that you will be able to put the equipment into service before December 31st. |
| Componentization of Buildings. If you purchased a building in the last three years and have not taken advantage of the componentization rules that allow increased depreciation in the early years, contact us as soon as possible. We will assist you to obtain the required analysis of your property and to take advantage of increased depreciation. |
| Asset Sales. We will assist you to analyze your investments to determine whether a sale in 2007 or later would be more beneficial, from a tax standpoint, and to consider other moves before year-end. |
| Charitable Planning. There are many avenues for Charitable Giving and substantial tax benefits may be obtained through gifting - the right way - at the right time - to the right type of charity. This is an area in which we are uniquely qualified to assist you and look forward to answering your questions. Ask us what Venture Philanthropy means and how it might apply to your situation. We can also assist you to establish Charitable Annuities, Charitable Remainder Trusts and similar entities, Support Organizations, and assist you to establish charities for a broad range of activities, including the establishment of an Endowment Fund to support institutions and activities for many years into the future. |
| Kidde Tax: If you have children, there may be an opportunity to reduce your income tax burden by paying the children for doing work for your business. And, there may be benefits to shifting assets that produce passive income to your children, or to non-working parents. Click Kidde Tax to read two excellent articles by other CPAs that we have included here for your benefit. If you have more questions than answers after reading the articles, contact us and we will help you know how to apply this information to your personal tax situation. |
| The above is a small list of the areas in which you may find a tax benefit by doing your year-end planning as early as possible. |
