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  • Suggest You - December 2006, A Time for Tax Planning

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    s to increase your basis in these entities to prevent the losses from being disallowed due to basis limitations.

    • If you own stock, consider selling appreciate

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    As the end of 2006 nears, tax planning is the last thing on the majority of our minds. However, once the year ends a large amount of tax planning opportunities will be lost forever, as far as the 2006 tax year is concerned that is. With the many changes taking place with the tax law in recent months, it is important to work closely with your tax advisor to take advantage of these changes.

    The following are some year end planning ideas to take into consideration and discuss with a tax professional:

    • If you have an interest in a partnership or S corporation and are expecting pass-through losses, you may want to consider taking the necessary steps to increase your basis in these entities to prevent the losses from being disallowed due to basis limitations.

    • If you own stock, consider selling appreciated

    Drive Your Dreams With Personal Car Loans
    A car is no more a necessity; in fact, it has become a status symbol. It is something which can draw envious glance of your relatives and friends. You cannot end up with just any car. It has to be grand, special, having an imprint of your own per
    be lost forever, as far as the 2006 tax year is concerned that is. With the many changes taking place with the tax law in recent months, it is important to work closely with your tax advisor to take advantage of these changes.

    The following are some year end planning ideas to take into consideration and discuss with a tax professional:

    • If you have an interest in a partnership or S corporation and are expecting pass-through losses, you may want to consider taking the necessary steps to increase your basis in these entities to prevent the losses from being disallowed due to basis limitations.

    • If you own stock, consider selling appreciate

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    ly with your tax advisor to take advantage of these changes.

    The following are some year end planning ideas to take into consideration and discuss with a tax professional:

    • If you have an interest in a partnership or S corporation and are expecting pass-through losses, you may want to consider taking the necessary steps to increase your basis in these entities to prevent the losses from being disallowed due to basis limitations.

    • If you own stock, consider selling appreciate

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    ofessional:

    • If you have an interest in a partnership or S corporation and are expecting pass-through losses, you may want to consider taking the necessary steps to increase your basis in these entities to prevent the losses from being disallowed due to basis limitations.

    • If you own stock, consider selling appreciate

    Which Is the Best Airline Reward Card?
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    s to increase your basis in these entities to prevent the losses from being disallowed due to basis limitations.

    • If you own stock, consider selling appreciated or depreciated stock to trigger gains or losses to maximize the tax benefit by offsetting gains with losses or vice versa.

    • Consider the possibility of utilizing a pension plan to generate a business deduction. Certain plans have to be in place before year end for a deduction to be allowed in that particular tax year.

    • If you have not met the safe harbor requirements for federal or state withholding, you may want to adjust withholding on your final paychecks of 2006 or on your year end bonus.

    • If you’re a business owner, consider purchasing equipment before year end which qualifies for the code section 179 deduction.

    • Qualified

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