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As a financial planner, I have always urged my clients to do their taxes twice a year. And though I’ve grown accustomed to hearing the grumbling about the hassles, after they realize how great an impact it can have on reducing their tax burden, they are always glad I suggested it.

Why file twice a year? Obviously the first tax return is for the purpose of filing before the April 15 deadline. The other “filing”  is actually a mock return done before the end of the calendar year so that I can assess where they stand tax wise. This gives me the needed time and flexibility to “change the score” of  

Every year at this time, I urge clients to give some thought to moves they could make between now and the end of the year to reduce their tax burden. It always surprises them that they have so many options. Here are some possible tax-reducing opportunities to consider:

Deferring Income: If you are expecting a year-end bonus, for example, and can take it in 2010 instead,  

If you are still doing your taxes once a year, you are losing out on a valuable opportunity to reduce your burden. A smart approach is to do a test run mid-year so that you can take advantage of strategies while there is time for them to make an impact before you submit your actual return. Here are some possible tax-saving ideas that are worth knowing more about, should they apply to you.

If you are a first time homebuyer this year, you will definitely want to look into the tax break that is  

These are the key changes in 2009 for 403b and 401k contributions:

1. The maximum employee contributions go up to $16,500 (unless you are over 50 and then you are permitted to add another $5,500).  This increases the maximum contribution to $22,000.

2. For defined contribution plans, such as the traditional “Keogh” or self-employed plan, the new maximum  

This week President Bush signed a new pension relief bill designed to help retirees by eliminating the required minimum withdrawals from their retirement plans. We can foresee many tax advantages that this bill will open up for our clients and people over the age of 70. Most importantly this will buy additional time to rebuild your portfolios after the hit they have taken in the financial markets over the last few months. Lastly it will be free from immediate taxation.

(Hint: maximizing your tax refund may be the best investment advice you get this year)

As a financial planner, I have always urged my clients to do their taxes twice a year. And though I’ve grown accustomed to hearing the grumbling about  

In August 2008 the General Accounting Office (GAO) issued a Report to the Committee on Finance, U.S. Senate regarding Individual Retirement Account compliance issues.

The GAO Report is in excess of 50 pages and discusses the complexities of complying with the Individual Retirement Account (IRA) tax rules. I will help you understand just what this means for you.

In today’s volatile investment climate, which you may have noticed, an Immediate annuity may be an excellent investment vehicle for the individual who wants to assume absolutely no market risk yet be provided with a guaranteed income for the rest of their lives. With the assurance that it will be significantly higher than what could be earned in a CD. I suppose a favorable tax treatment wouldn’t hurt either right?