Have You Developed a Year-End Tax Strategy? Time Is Running Out
As 2009 closes in just a few days, there are some important tax changes that will help you save money and prepare to file your 2009 tax return in the spring. We have summarized many of the major changes in our blog post, “Tax Planning Strategies & Year-End Considerations” in November, and since it has been one of our most popular posts, we’ve reposted it here and encourage you to review this information again before starting the process for your 2009 tax return.
Tax Planning Strategies & Year-End Considerations
As the end of the year approaches, now is the time to evaluate your business and your personal tax strategies. By taking the time to prepare now, using this checklist, you will be able to develop a clearer picture of what your tax picture will look like while there’s still time to maximize current-year savings. Retirement Planning Look to maximize tax-deductible retirement plan contributions . The following table provides the maximum amounts that can be deferred under several popular retirement plan options during 2009.
Preparing Your Business for the Worst
According to the Institute for Business and Home Safety , one out of every four small businesses that encounters a major disaster will never reopen its doors. When combined with an economic environment that has many business owners skimping on even bare minimum coverage, many businesses are severely at risk in a worst-case scenario. The Wall Street Journal recently offered advice on how to create an effective disaster plan and choose the best insurance . “Most business and home owners, after the fact, wish they had been more diligent about building a solid emergency response plan,” says James Rivera, associate administrator for the Office of Disaster Assistance at the Small Business Administration in. Read More.