by Catherine Rein
(last updated April 24, 2009)
As an owner of a small business I've learned that it is important to educate myself on tax strategies and talk to a professional account about tax planning. If you are looking to make smart choices regarding the amount of tax you are required to pay, it makes sense to learn what you can about tax planning.
The goal in tax planning is to minimize your federal income tax liability. There are several strategies around tax planning. The main strategies include postponing income or shifting it to family members. Other versions of tax planning include deduction planning, investment tax planning and year-end planning. These strategies are explained in more detail here:
You can reduce the amount of estate taxes paid, by establishing a gifting program for your children and grandchildren. You can give gifts of up to $12,000 per year per child (or other individual) or $24,000 if given with a spouse and still be excluded from the gift tax. In 2009, the gift tax exclusion will rise to $13,000.
If you are considering tax-planning strategies, be sure to consult a tax professional for the latest information on income tax laws and requirements.
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