Year-end Tax Planning Tips

December is a busy month and, with the holidays in full swing, the last thing most folks want to focus on is taxes. This year’s tax planning, though, is particularly important for most Americans.

Even if you’ve been lucky and haven’t experienced a financial setback, it’s still smart to meet with your financial advisor or accountant before the end of December. That’s because the government’s efforts to boost the economy in 2009 have resulted in many small changes to the tax code that could affect you and your family. In addition, lawmakers at the federal and state level are discussing major tax changes in 2010 to combat record deficits. So, if you want to make the most of this year’s tax breaks, review your taxes now.

To get you started, we’ve gone online and found a few of the best tax planning articles for 2009. These are focused on some of the most relevant tax issues, such as unemployment benefits (yes, they’re subject to income tax), new car purchases, retirement savings, charitable gifts, small business deductions, and medical deductions.

Tech CU’s Financial Advisors can also help you navigate through the myriad details of the tax code and come up with a year-end tax strategy. You can learn more about their services here or by calling (408) 451-9111 to speak with an advisor.

For more details on tax breaks in 2009, go to www.irs.gov.

The Wall Street Journal
Smart Year-end Tax Moves
The WSJ recommends reviewing your taxes months before Tax Day.

BusinessWeek
Tax Planning in 2009
This article gives helpful advice for entrepreneurs, start-ups and small businesses.

Kiplinger Taxes
Kiplinger provides an extensive section on their website that is dedicated to tax articles. It’s a great resource — click here.
One particularly helpful article is: Tax Law Changes For 2009 — And Beyond

Smart Money Magazine
Refresh Your Financial Life: Taxes
Another great resource, Smart Money gives advice to investors who may be looking to “refresh” their financial portfolio.