Encino, CA (PressExposure) December 15, 2008 -- In this troubled economy, tax planning has never been more important, and small businesses and individuals can get started on trimming taxes now, before the end of the year.
According to tax expert Michael Rozbruch, there are certain things a taxpayer can do before December 31, 2008 to reduce the tax bill due on April 15, 2009.
"It has been a bad year for many, so it's crucial to employ financial strategies that can help alleviate potential IRS increases and minimize tax liability," said Rozbruch, founder and CEO of Tax Resolution Services, a company that provides affordable solutions to people with tax problems. "Reducing a client's IRS debt is essentially conducting financial planning in reverse, so I know how important it is for people to know their taxpayer rights in the first place so they can avoid tax trouble as well as save money."
Additionally, making the most of deduction opportunities, including those relating to medical expenses, mortgage interest, and property taxes, can help taxpayers make the most of a bad year. People will also want to consider maximizing annual contributions to retirement plan accounts, using long term capital losses to offset long term capital gains, and taking advantage of popular tax breaks extended for 2008.
"These days, no one can know for certain what their future income will be like or what direction the financial markets will take," Rozbruch said. "Plus tax rules can change, especially with a new Presidential administration and a new Congress. Therefore the general rule is that the more prepared you are now, the less you will likely owe later when the taxman comes."
Tax Resolution Services is dedicated to providing affordable solutions to businesses and individuals who find themselves in trouble with the IRS. Their team of expert tax attorneys, enrolled agents and CPAs have a success rate of 90% -- second to none in the industry -- and an Offer in Compromise Settlement Rate of $0.13 on the dollar. For more information or to receive a FREE tax relief consultation, visit http://www.TaxResolution.com or call (818) 774-1813.