Year End Tax Guide

Managing your finances and tax burden can feel like juggling and jumping through hoops: You’ve got lots of moving pieces and only two hands. But tax planning has never been more important. Drastic changes in the economic environment can force a shift in tax strategy, especially if your own situation is evolving.

On top of that, the tax code is only becoming more complex. The economic turmoil of the last year has spurred the passage of more new tax laws. While there are now more ways than ever to reduce your tax liability, taking full advantage of them is becoming harder. The outlook for future tax legislation can be even more confusing. You need to think farther ahead, employ clearer strategies and use every tax break you can.

To help you save as much as possible, this Grant Thornton guide discusses recent tax law changes and provides an overview of strategies to help you reduce your tax liability. It will show you how to tax-efficiently invest for education and retirement, and transfer your wealth to family members. For action steps to jump-start the planning process, look for our top 20 tax planning opportunities. However, this guide simply can’t cover all possible strategies. So be sure to contact us to find out what will work best for you.

Congress is still considering legislation that could have major tax implications, including a healthcare reform bill and an estate tax reform bill. While the 2009 tax laws won't likely be affected, new legislation could change your planning strategies. Our National Tax Office tracks tax legislation as it moves through Congress, so visit this website regularly to read updates.

In this year's guide:

Tax: higher rates on the international horizon
The 2009 Grant Thornton International Business report on tax provides a snapshot of the perceived tax burden of privately held businesses around the world. The volatility of tax systems and the misalignments of tax rules between states and regions emerge as key concerns. Too many businesses think about tax issues too late in the day and pay a high price as a consequence. For more details, read the 2009 IBR Tax Report.