The Numbers Game - Personal Income-tax Considerations for Tax Year 2008

November 10, 2008

BMF

When it comes to the bottom line -- meaning the one on your tax return -- proper planning is of the essence. And to plan effectively, one must know the rules and how to play them. With proper insight, such as this end-of-year primer, individuals and businesses can make smart decisions that can add up -- literally and figuratively -- to substantial savings.

The time to do your income tax planning and implementation of tax-wise strategies is during the tax year, not after it has ended. Part of the reason for this is that there are very few tax planning opportunities that can be implemented after December 31st.

The Emergency Economic Stabilization Act, commonly referred to as the Bailout Bill, contained a substantial number of tax provisions and/or extensions of tax provisions which were scheduled to have expired at the end of 2007. These income tax provisions may be a silver lining in an otherwise controversial and challenging piece of legislation.

This article is intended to provide a summary of the more generally applicable rules and provisions for use in connection with preparing and filing your 2008 income tax returns. In fact, it could be used as a checklist for your review and consideration prior to contacting your tax professional before the end of the year, to see how you might be able to maximize the benefits that apply to you during these challenging economic times.

You may read more at the link below.

by: Bruce M. Fogel, Esq.

BusinessWest
November 10, 2008

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