It's hard to believe but 2008 is coming to a close and tax season is right around the corner. Even though you won't file your tax return until 2009, now is the time to start planning to ensure you won't be in for any suprises when you do file your 2008 Income Tax Return. Typically, small business owners, higher income individuals, and anyone that had any significant changes in their tax situation during 2008 (i.e. started a business, saw a large income increase, marriage, etc) should review their income and deductions for 2008 to determine if they will owe tax or get a refund when they file their 2008 tax return. An additional twist this year is a new President will be taking office in 2009 and will make some changes to the tax code in his first year that may affect you. We can prepare a tax estimate for you this month and based on that estimate, you would have until the end of the year to take the necessary steps to lower your tax bill. If you're curious what you can do before the end of the year to help your tax situation, we have included a couple articles in this newsletter with some year-end tax planning ideas.
Also, we are looking to hire a staff accountant to help us during our upcoming busy season. If anyone knows anyone looking for some extra work during the next few months, feel free to contact us and we can provide you with additional information on the position.
I hope everyone has a wonderful holiday season and enjoy this months newsletter!
|Year-End Tax Planning Checklist
We may have a new President-Elect, but taxpayers have a month to make certain moves that will help ensure tax savings when they file in April 2009.