Looking for the silver lining — Tax planning in a troubled economy

Times are tough all over. Real estate prices are depressed, credit is tight and the ups and downs of the stock market are enough to induce motion sickness. Fortunately, the cloud hanging over the economy has a silver lining: It’s an ideal time for tax and estate planning. This article looks at several strategies you can use to slash your income tax bill and minimize gift and estate taxes.
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How to make the most (or least) of business losses

There are many strategies for minimizing your company’s tax bill. Not earning enough income to cover your expenses — though effective — isn’t the best approach. But for a new company that hasn’t yet started turning a profit or a mature business being squeezed by a sluggish economy, losses happen. No one likes to lose money, but the tax code softens the blow somewhat by allowing you to use a net operating loss (NOL) to offset income in previous or future years. Carrying back an NOL can be particularly beneficial because it can provide you with an immediate tax refund at a time when you may need an infusion of cash. This article reviews tactics for when to claim an NOL and carry it forward or back.
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3 ways to soften the blow of estate taxes

Reports of the death of the federal estate tax have been greatly exaggerated. True, as of this writing, the estate tax is scheduled for repeal in 2010, but many experts expect Congress to “repeal the repeal” and preserve the tax. Because the estate tax appears to be here to stay, you and your family need to be aware of the tax-reducing strategies that can be implemented during one’s lifetime and even after one’s death. This article explains three postmortem moves an executor can make to reduce an estate’s tax bill.
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Tax Tips

News items briefly discussed are 529 plans, valuation discounts and an expanded benefit for those hiring unemployed veterans and “disconnected” youth.
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