Q: Is it too late in the year to do tax planning?
A: Unless today is the last business day of the year, it is never too late to do tax planning. Some changes must occur before December 31 to get credit in the current year. Then again, in order to get a full 365 days worth of tax incentives next year, now is the time to plan for changes that will take effect on January 1.
Showing posts with label tax. Show all posts
Showing posts with label tax. Show all posts
9/1/09
2010 will be the year for Roth conversions.
In 2010, previously ineligible taxpayers will qualify to convert traditional IRA funds to Roths. And, the resulting tax can be spread over two years. However, there are always traps and landmines in the tax code and this process is easy to mismanage. If you have traditional IRAs, get professional advice about whether it is advantageous for you over the long run to convert in 2010 and, if so, how.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
The time is now to strategically plan to stop wasting money on taxes you are not required to pay. Most changes need to be in place by December 31 to reduce your current year taxes, and sooner implementation results in greater savings, so act now!
11/24/08
Planning a business trip?
Planning a business trip? You can tack on one or more personal days and deduct the related costs as business expenses if staying the extra day(s) results in equal or less costs for the longer trip than the shorter duration (due to air fare pricing or package discounts, for instance).
The time is now to strategically plan to stop wasting money on taxes you are not required to pay.
The time is now to strategically plan to stop wasting money on taxes you are not required to pay.
11/5/08
Who Gets Obama's Tax Cuts?
According to US News and World Report, Tuesday, November 4, 2008:
" ...who gets a tax cut -- actually a refundable tax credit -- is in dispute, with several different income ceilings being mentioned during the closing days of the campaign.
One group that won't get a cut is households making $250,000 or more.
Obama has promised to roll back the 2001 and 2003 investment- and income-tax cuts for those folks."
Even those people, who might benefit from any Obama tax changes, can maximize those benefits by strategic tax planning. Anyone who has to pay any income tax, even if less than in previous years, should take action to further reduce their tax bill and take advantage of any and all credits and deductions. The time is now to strategically plan to reduce your taxes and stop wasting money on taxes you’re not required to pay.
" ...who gets a tax cut -- actually a refundable tax credit -- is in dispute, with several different income ceilings being mentioned during the closing days of the campaign.
One group that won't get a cut is households making $250,000 or more.
Obama has promised to roll back the 2001 and 2003 investment- and income-tax cuts for those folks."
Even those people, who might benefit from any Obama tax changes, can maximize those benefits by strategic tax planning. Anyone who has to pay any income tax, even if less than in previous years, should take action to further reduce their tax bill and take advantage of any and all credits and deductions. The time is now to strategically plan to reduce your taxes and stop wasting money on taxes you’re not required to pay.
11/4/08
Time to Pay the Price
I bet you pay income tax.
However, 45.6 million households pay no federal income tax.
Obama's plans would expand that to 63 million; McCain would bring that figure to 62 million households paying no federal income tax.
TIME Magazine addressed the problem:
However, 45.6 million households pay no federal income tax.
Obama's plans would expand that to 63 million; McCain would bring that figure to 62 million households paying no federal income tax.
TIME Magazine addressed the problem:
"The growth in the ranks of those who pay no income tax raises an important question: How are we going to finance our government?"
"So where is the dough going to come from? ... the upper middle class, broadly defined. If we need more money to keep the country running, here's betting that is where it's going to be found."
"So where is the dough going to come from? ... the upper middle class, broadly defined. If we need more money to keep the country running, here's betting that is where it's going to be found."
TIME Magazine, November 10, 2008
The time is now to strategically plan to reduce your taxes and stop wasting money on taxes you’re not required to pay.
Taxes are going up! Will you be ready?
What’s ahead for U.S. taxpayers:
The Reagan-era small-government ideology is defunct … everyone is awaiting serious government as a partner for business and society … We will have to expand government spending by several percent of Gross Domestic Product to face our cascading problems … The idea that our fiscal mess can be addressed with the current tax system is absurd.
The time is now to strategically plan to reduce your taxes and stop wasting money on taxes you’re not required to pay.
The Reagan-era small-government ideology is defunct … everyone is awaiting serious government as a partner for business and society … We will have to expand government spending by several percent of Gross Domestic Product to face our cascading problems … The idea that our fiscal mess can be addressed with the current tax system is absurd.
From Fortune Magazine, October 27, 2008
The time is now to strategically plan to reduce your taxes and stop wasting money on taxes you’re not required to pay.
11/2/08
Do taxes go up no matter who wins the election?
Arthur Laffer is the author of The End of Prosperity: How Higher Taxes Will Doom the Economy—If We Let It Happen. He is the father of Reagan-era supply side economics. When interviewed by Kirk Shinkle in U.S. News & World Report (October 27, 2008), Laffer said:
"I think they're [taxes] going a lot higher ... I don't see how they avoid massive tax increases ... And if you're going to try to raise revenue, you've got to do it on broadbased taxes that hit low-income people as well - sales taxes, income taxes, payroll taxes ... It's not as though Obama is bad and McCain is good. They still don't get pro-growth policies."
The time is now to strategically plan to reduce your taxes and stop wasting money on taxes you’re not required to pay.
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