Best Time Of Year To Plan

The beginning of the year is the time to assess your financial
situation for the entire year. Know where you stand. Then you can
plan your actions to get maximum tax benefits during the year.
Examples:

* If you're buying tax shelters, the earlier in the year you go
into them, the better. Many write-offs for tax shelters are dependent
on the amount of time spent in the venture.

* If you have incentive stock optioins to excersive, you
should be aware of the tax consequences of your choices. The earlier
in the year you have this information, the easier it will be to make the
best choice.

* If you run a small business, you might consider
incorporating and setting up a pension or profit-sharing plan. Taking
action early in the year can give you the time you need to get expert
advice and professional input.

Don't wait until a few weeks before your return is due to start
thinking about tax strategies. Year-end planning is a year-long
process.

Source- New Tax Traps/New Opportunities by Edward
Mendowitz, CPA Boardroom Special Reports.

Proceed