KDV Advisor - March 2009

5 common estate planning mistakes

In today’s uncertain economic times, estate planning is more important than ever. A carefully crafted estate plan can help you provide for your family’s financial security at the lowest possible tax cost. This article explains five common estate planning mistakes to avoid.
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Stay tuned to tax law changes and reduce your tax bite

With recent economic downturns and important pieces of tax legislation being passed over the past year, you may be wondering what changes you need to make now to protect yourself in the future. Keeping abreast of tax law changes and tax-saving strategies is one way you can protect your assets. This article looks at some key changes made from the new laws: the homebuyer tax break, charitable IRA rollovers and the sales tax deduction.
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Taking stock of your inventory accounting method

If your business involves the production, purchase or sale of merchandise, inventory accounting can have a significant effect on your tax bill. In some cases, switching inventory accounting methods from first-in, first-out (FIFO) to last-in, first-out (LIFO) can reduce your taxable income, giving your cash flow a boost. This article reviews factors to consider with inventory accounting methods, including tax savings and the effect the change will have on financial statements.
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Tax Tips

News items briefly discussed are the accelerated depreciation for building improvements, determining trader status and dipping into retirement savings withdrawals.
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Upcoming Tax Deadlines

For additional deadlines throughout the year, click here.