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89 Tax Strategies Your Clients Will Love 2009 Product Image

89 Tax Strategies Your Clients Will Love 2009

  • ID: 837148
  • January 2009
  • Region: United States
  • 51 Pages
  • Business Management Daily

Far too often, competent tax practitioners wait for revenue to roll in without taking any proactive steps. If you can show your clients and prospects strategic ways to cut their tax bills, you'll solidify your existing relationships and start building new ones. All that will trickle down to the bottom line.

This special report, which includes the key tax law changes over the past decade, covers a wide range of tax-planning ideas for individual taxpayers, business owners, investors, retirees and those nearing retirement—a broad client base for your practice. No stone is left unturned.

I recommend that you read this report from cover to cover and go so far as to check off each tax strategy that you could possibly incorporate in the arsenal of services you regularly provide to clients. You'll learn little-known ways to minimize the damage from detrimental tax changes and how to benefit from new tax-saving opportunities.

You'll find 89 IRS-approved tax-reduction strategies that your clients will love because they'll help save them thousands of dollars. It can make a difference.

I can practically guarantee that if you put these ideas to good use, your practice will expand dramatically over the next few years.

Don't wait any longer. Start growing your practice today.

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TABLE OF CONTENTS:

INTRODUCTION

1. BEGIN WITH BEST TAX-FREE DEVICES

- Keep accurate records
- Make capital gain taxes disappear on profitable home sales
- Fund retirement plans to the max
- Take advantage of higher contribution limits for retirement plans
- Show clients how to ‘disinherit’ Uncle Sam today
- Find tax shelters that still work
- Make the most of tax-free investment income
- Play tax-bracket arbitrage
- Build wealth with this ‘family device’
- Don’t settle for complacency

2. DIG DEEP FOR EVERY DEDUCTION BELOW THE SURFACE

- Convert hobby expenses into deductible expenses
- How to write off home computer
- How a $51 gift can save a $3,650 exemption
- Secure exemption with multiple-support agreement
- Deduct medical expenses without qualifying for exemption
- Take home office deductions
- Turn nondeductible allowance into deductible wages
- Create a triple tax break by hiring the children
- How to keep a business ‘all in the family’
- Tax-free cars for the whole family
- Big deductions for ‘heavy’ SUVs
- Keep good records of charitable gifts

3. STRATEGIES FOR BUSINESS OWNERS

- Choosing best form of business organization
- Build wealth by not incorporating
- Cut taxes with S corporation
- Use S corporation to cut FICA taxes
- Increase liquidity, save taxes with buy-sell agreement
- Make tax-wise loans to the business
- Lease appreciating assets to the company
- Sell business via tax-free reorganization
- Sell out tax-free to an ESOP
- Tax-free education for entire family
- Big deductions for donating computer equipment
- Savor extra helpings of tax break for employee meals
- Tap into major tax savings from first-year depreciation break
- Roll out new deduction for domestic production activities
- Take the sting out of the AMT

4. BUILD TAX-SHELTERED WEALTH IN RETIREMENT PLANS

- A simple way for clients to double retirement savings
- How to withdraw money from qualified plans
- SIMPLE retirement plans
- Take advantage of improved IRA rules
- Max out tax savings with defined contribution plan
- Comparing Roth and regular IRAs

5. TAX-WISE ESTATE PLANNING

- Sidestep confiscatory estate taxes
- Live long and prosper from changes to estate tax exemption
- ’Tis better to give than bequeath
- Avoid or defer taxes with unlimited marital deduction
- Use QTIP to keep control
- Simple tricks of the trade for gifts
- Avoid paying estate tax on life insurance coverage
- Use second-to-die life insurance to cover estate taxes
- The perils of joint ownership
- Reduce estate taxes, but keep control of assets
- How to set up a qualified personal residence trust

6. TAX-WISE INVESTING STRATEGIES

- Take advantage of 15 percent rate on dividends
- Some dividends not eligible for rate cut
- Updated tax strategies for dividend-paying assets
- Pay only 15 percent on long-term capital gains
- Some gains don’t qualify for 15 percent rate
- Updated tax strategies for capital gain assets
- Place optimal assets in retirement and taxable accounts
- Don’t put variable annuities at top of the list
- Personal residences still look good
- Coverdell education accounts now a better deal
- Build up college savings tax-free with Section 529 plans
- Custodial accounts for college vs. Section 529 plans
- Give securities to child to finance college education
- Pocket $3,000 each December

7. FINDING OPPORTUNITIES IN REAL ESTATE

- Own or rent business premises?
- Slash taxes via ‘private arrangement’
- Shelter up to $25,000 per year
- IRS rules ensure tax-deferred real estate exchanges

8. GET MORE MILEAGE FROM T&E DEDUCTIONS

- Let the company pick up the tab
- Maximize write-offs for mixing business with pleasure
- Wrap personal days around business travel (or vice versa)
- Have Uncle Sam foot the bill with Saturday night stay-over
- Travel expenses for spouse or companion
- Who can be entertained—and generate write-offs
- When entertainment is deductible
- Back up travel and entertainment deductions with receipts

9. FINE POINTS: TAX HAVENS

- Supershelter: Open a charitable remainder trust
- Beat the IRS in divorce matters
- Avert IRS showdown: Create a clean buy-sell
- Hire independent contractors
- Drill for deep tax shelter in oil and gas
- Increase retirement shelter: Use a defined-benefit plan
- Raise expectations about getting richer
- Make deductions stand up to IRS scrutiny
- How to use Roth IRAs as estate-planning vehicles

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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