|
|
|
|
The mere mention of the Internal Revenue Service, (IRS) in the company of many creates a negative association. The IRS has the monumental task of enforcing the collection of tax. However, it is the United States Congress that actually creates the laws the IRS enforces. The wealthiest taxpayers utilize strategies to legally minimize the amount of taxation they are required to pay. Everyone has the opportunity to legally minimize their tax bill. The most powerful tax reduction technique used is PLANNING. Many times you may reduce your tax bite by simply modifying a few of your behaviors. Charitable contributions is one of the best examples. Ask yourself- do you make cash and other than cash donations to a non-profit organization? If so do you document the contribution? Do you keep the receipts from the Salvation Army, Vietnam Veterans, Church or Synagogue? Did you know that interest earned on a Certificate of Deposit is taxable each year regardless if the money is spent or kept in the CD? Please visit the Tax Preparation Check List and the Tax Law Updates Page for more valuable tips on tax reduction strategies. You may also contact us if you have questions concerning your tax situation.
|
