2004/2005 Individual Income Tax News Tax Planning Guide
As you know, tax laws are always changing. Congress debates whether to eliminate or make permanent certain provisions. Consider the following . . . . . .
Maximize your exemptions Plan around the Kiddie Tax Shelter your children from earned income by establishing an IRA (Individual Retirement Account)
Take advantage of Tax Credits and Deductions
Deduction for higher education expenses
Credits for energy saving expense
Understand and protect yourself from AMT (Alternative Minimum Tax)
Itemize deductions: Bunch deductions .
Pay estimated state tax early, Donate appreciated property Optimize investment interest expense.
Claim all available home-related deductions
Understand the tax aspects of divorce
Investment Planning: Dividends Capital gains & losses Gain on home sale
Busness Tax Planning:
Choosing a Business Structure Employer-Provided Fringe Benefits Health Savings Accounts
Business Deductions: New manufacturing deduction Claim Section 179 expense Lower your taxable income Avoid mid-quarter convention Maximize depreciation
Capture all travel, transportation, and entertainment costs
Be aware of inventory issues Deduct business losses
Put your kids to work. Go into business with your kids
Retirement Strategies: Individual Retirement Accounts (IRA's) ROTH IRA's 401(k) Plans Introducing Roth 401(k)s
Estate Planning & Strategies: Maximize your estate tax exemption Gifting benefits Lifetime gift tax exemption Annual gift for exclusion Gift stock to family members Employ a buy-sell agreement that values your business for estate tax purposes Create an employee stock ownership plan (ESOP) Take advantage of the estate tax installment payment option Early planning is key to making the most of your opportunities.
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