A week from today will be “Black Friday” the day when brave shoppers will brave cold, crowds and the weather to queue up at crazy-early hours in front of their favorite retailer awaiting the opening rush for sales, sales and sales. And all to save $20 on a Wii set or $40 on a television. Here’s a thought: what if the IRS had a sale and let you save thousands of dollars on your taxes? Would you wait in line for that sale? Well, the IRS isn’t going to be holding a sale, exactly, but you can still save, maybe thousands of dollars in taxes; and you don’t need to wait in line to do it either. But there are only 45 days left in this special “shopping season” for you to secure your savings. How do you do it? Planning, that’s how.
Tax planning is the key to paying the legal minimum in taxes and now, with the changes anticipated ahead for us, the “fiscal cliff” if you want, it is more important than ever to think and plan. Here is an article that we wrote to help you in planning for the year-end:
We’re here to help you if you need it. You can also call me today (707) 964-6325 for an appointment to review of your 2011 tax returns and discuss some ideas for reducing your 2012 income tax.
Jeremiah K. Murphy, CPA is an accounting firm providing tax services, audits and business consulting.