Thursday, November 29, 2007

New Deloitte Tax Planning Guide Offers Tips to Help Reduce 2007 Tax Liability

New Deloitte Tax Planning Guide Offers Tips to Help Reduce 2007 Tax Liability

Nov. 29, 2007 -- "Plan now for your immediate tax liability and your future wealth" is the message delivered in the 2007 Deloitte Essential Tax & Wealth Planning Guide.

"While most Americans are thinking about turkey dinners and holiday gatherings with family and friends, they should also take some time to figure out their tax liability so that the only surprises are in shiny packages and not in their tax bill," says John Battaglia, a director in the Private Client Advisors practice of Deloitte. "Many Americans take time to figure out their holiday budget, but we find that not as many take time for year-end tax planning that can reduce their tax liability, which is one reason why Deloitte publishes this annual tax and wealth planning guide."

Battaglia stressed the importance of all taxpayers taking the time to do a tax liability calculation to determine their projected tax payment and identify tax savings to pursue. For instance, a few simple steps can help taxpayers determine where they fall in terms of marginal tax rates, and also decide if they should deter or accelerate income or expenses.

"It is estimated that more than four million taxpayers are going to be subject to the Alternative Minimum Tax in 2007 and many may not realize it," Battaglia said. "When the clock strikes New Year's on January 1, 2007, it's too late to redirect and minimize their tax liability." Read ON->

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