Yesterday I posted about the expiring tax provisions. It looks like these are not going to be renewed. If you add them all up, you might find that there is quite a bit of possible tax here. Add to that the Social Security issues, and you have a big tax increase coming.
So, what do you do now? For now, keep your tax plans as flexible as possible. Don’t forget about the new tax benefits we got in 2008 – primarily in the area of depreciation. And if you had capital gains in 2008, you might find that you actually are paying very little (maybe even 0) tax.
We’re working with our clients who have losses in 2008 to make sure they are solidly locked in. In many cases, we’re able to take net operating loss carrybacks to get immediate tax refunds from past tax years.
The one thing that has definitely changed is the type of business structure to use with your business and real estate. Trust Sandwich(tm), Series LLC, Advanced Layer Systems – these are all new business structures and strategies that work to give you the ultimate in flexibility, asset protection, less income tax AND less state tax.
If you haven’t looked at your business structures recently, chances are you’re structures need updating. In the past month, we’ve moved clients from $3,000 in fees to $200, eliminated transfer taxes, dramatically reduced social security taxes and reduced franchise tax fees. There are hot new strategies here! Don’t miss out.