Planning is the key to a successful tax strategy. A changing economy, shifts in personal finances and new tax laws necessitate a careful examination of your plan this year. Techniques that have produced results in the past may require adjustment, depending on the impact of the recession on your financial situation. Some of the most effective methods for developing a tax advantaged approach to managing your finances are featured here. For a printed version of the 2009/2010 Tax Planning Guide, please Email: MarketingGroup@heffler.com.

• Review/Preview
  Reviewing income, deductible expenses and potential tax liability with an advisor prior to year-end is more important than ever before.
• Executive Compensation
  Compensation in the form of non-qualified deferred compensation plans, stock options or restricted stock present unique tax challenges for executives and other key employees.
• Tax-advantaged Investment Strategies
  In down markets, planning revolves around methods for turning losses into tax savings.
• Real Estate Investment Opportunities
  Maximizing deductions and deferring gains on property sales or exchanges can improve portfolios, even as property values tumble.
• Business Ownership
  Retirement planning, exit strategies and succession planning take on critical importance in a tough economy.
• Charitable Giving
  Gifting continues to offer substantial tax savings, whether donating either cash or stocks or establishing a Charitable Remainder or Lead Trust.
• Education Funding
  Special tax breaks, credits and investment plans are available for a child's or grandchild's education – including options that begin as early as elementary school and go through to post-graduate education.
• Retirement Planning
  Maximizing contributions, avoiding early withdrawals and planning distributions remain the safest methods for protecting retirement funds.
• Estate Planning
  Taking advantage of the multitude of exemptions and deductions linked to estate, trust and gifting strategies can enhance wealth and reduce tax liability for future generations.

Disclaimer: Any US tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for purpose of avoiding any penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

The content of this transmission does not constitute a professional service. Always consult with a competent professional service provider for advice on tax, accounting and other financial matters specific to your situation. If you wish to engage our firm for this purpose, please contact our office.