It's not too soon to be thinking about your taxes for 2009. First, it might be time to sit down with your tax professional to see if there are some tax perks out there that would benefit your small business. Second, the Internal Revenue Service indicated at the end of October that it was starting a new initiative to focus on the nation's wealthier individuals.
Let's start with looking for savings. A review could show some obscure or frequently overlooked items at the Federal, state or local level that might save you money:
Now, let's look at where the IRS might make life tougher. A new initiative, announced at the end of October, seemed at first glance to affect the nation's wealthiest individuals. However, closer examination shows that the classification could extend beyond this small subset. Here are a few key points.
Global High Wealth Industry
A new IRS unit called the Global High Wealth Industry Group will focus on the wealthiest individuals and their assets. Although the number of individuals who earn tens of millions of dollars a year are few, if assets qualify them for increased scrutiny then considerably more people could find themselves in this high wealth group. People who own real estate or perhaps those who receive a sizeable retirement package might qualify for the high wealth category.
Complicated Financial Arrangements
On the heels of the UBS tax shelter probe, the IRS is expected to pay close attention to individuals with investments in offshore hedge funds. Likewise, taxpayers with complex financial situations trusts, private foundations, privately held companies are more likely to receive IRS attention.
The above is intended to provide an overview only. Your personal situation requires input and guidance from your legal and professional tax advisors.