It's hard to believe but it is year-end and tax season is right around the
corner. Even though you won't file your tax return until 2008, now is the
time to start planning to ensure you won't be in for any suprises when you do
file your 2007 Income Tax Return. Typically, small business owners and
anyone that had any significant changes in their tax situation during 2007
(i.e. started a business, saw a large income increase, marriage, etc) should
review their income and deductions for 2007 to determine if they will owe
or get a refund when they file their 2007 tax return. 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. We do bill for this service, but the tax savings could
greatly outweigh the charge for the year-end tax planning and estimate.
We included an article this month about the benefits of year-end tax
planning. Please let us know if we can be of any service to you before
Enjoy this months newsletter!
Taxpayer refunds could be delayed this tax season due to congress' inactivity
to pass a tax bill.
The Internal Revenue Service Oversight Board has sent a letter to the leaders of
the Senate Finance Committee saying it is "gravely concerned about the serious
risks to the 2008 filing season" if legislation to change the alternative
minimum tax is delayed much longer.