Tax Planning Before Year-End

As we enter the last quarter of 2009, your thoughts and energies should be directed and focused on implementing effective financial strategies that will carryover into the up-coming year and beyond. One very important component of financial strategizing is year-end tax planning. The key to effective tax planning is that it must be completed and implemented in a timely manner. This requires planning and taking steps before the end of the tax year since, with few exceptions, steps to reduce and minimize federal and state income taxes must occur prior to the end of the tax year. Given our current difficult economic times, it is critically important that funeral directors take advantage of every opportunity that is afforded to them in order to reduce income taxes and increase cash flow. In a nutshell, this means spending time with your tax professional now. Ideally, your tax professional has your current financial information that will enable him/her to maintain a complete and comprehensive understanding of your financial position.

Effective tax planning requires complete, accurate, and up-to-date financial information. This is true for both businesses and individuals. The old clich