| Much like the Swallows returning to Capistrano each | | | | Practically speaking, you still have time to address your |
| year, nothing is more consistent than taxpayers | | | | taxes. |
| grumbling about the amount they owe in April each | | | | As I write this article, it is late October. While visions of |
| year. This need not be so. | | | | Thanksgiving and Christmas may be starting to peak |
| Taxes are a necessary element of life and you really | | | | your interest, your 2006 taxes should also be wedging |
| can't do anything to get away from them. If your goal | | | | their way into your mind. Simply put, now is the time to |
| is to avoid paying taxes completely, you are probably | | | | take action to limit your tax liability so you can smile |
| going to be disappointed. A better attitude is to have a | | | | when you pay a small amount next April. |
| goal of limiting your taxes as much as possible. Similar | | | | If you are having a good year, you should sit down |
| to many things in life, this means you need to plan | | | | with an accountant and figure out how to move |
| ahead and take preventive steps. | | | | money around to your benefit. If you don't have an |
| The best time to address your tax situation is not in | | | | accountant, consider your basic financial situation. Have |
| April each year. For those who love to file extensions, | | | | you fully funded your retirement accounts? Have you |
| the best time is really not in October when your last | | | | made all your quarterly estimated tax payments? Are |
| automatic extension is quickly running out. The best | | | | they accurate given your earnings this year versus last |
| time to deal with these issues is before the end of the | | | | year? Do you have deductible items or needs you can |
| tax year in which the taxes will be due, to wit, address | | | | pay for this year to lower your tax bill? The questions |
| your 2006 tax bill while it is still 2006! | | | | are fairly basic, but you should be addressing them |
| Ideally, you should site down in January or February | | | | now. |
| each year and plan out how to limit your tax bill for the | | | | Much like going to a dentist to get your teeth cleaned |
| upcoming year. Much like driving 55 on the freeway, | | | | to prevent cavities, limiting your tax bill is all about |
| this is a noble goal but is almost never done. Assuming | | | | preventive maintenance. As we roll into November, |
| you are like most other people, you get on with your | | | | now is the time to do it. |
| life and the next thing you know, the year is almost up. | | | | |