Thursday, December 22, 2005

Now is the time for Year end tax savings

With only a few business days before the year end and fewer days before Christmas,this is a reminder to set some time and money aside for tax savings.
Instead of getting caught in the buying frenzy in these last few days before Christmas, look for tax savings opportunities that need to be capitalized on before January 1st.

Consulting your financial advisor now, may identify ways to minimize your income tax liability for 2005 and put more money in your pocket for 2006.

Consider these areas to see if you can minimize your tax burden:
- Tax Loss Selling of stocks, If you have stocks that have lost money and are outside of a tax sheltered investment plan, you can offset your other capital gains by selling your losing shares. Keep in mind there is a minimum period of time you must be out of these shares before repurchasing them in order for the loss to be crystallized.

- Small business purchases. If you're self employed, now is the time to buy those supplies you need, in order to lower your taxable income for 2005.
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