Expert Tax Advice for Stimulating Your Finances
With the volatility of the current market, I have been asked for a lot of advice on how to offset losses. When I was on Financial Lifeline Radio, I told hosts Dave Harbison and John March that your individual situation is really what will dictate how you handle your investments. Some people will indeed just ride it out.
But overall, I think it is advisable to be prudent and reasonable with your finances and try to save for a rainy day. And the big thing to do to ensure you pay less taxes this year will be to accelerate deductions in 2008 and defer income into 2009.
I also talked to Dave and John about the government’s plan to deal with the current financial crisis. I pointed out that even though the IRS has increased their enforcement over the years, still, of the nation’s 135 million tax payers , a high percentage of them either pay no tax, are earning income credits, or are getting refunds. This is on top of the $345 billion tax gap – and $197 billion of that is from individuals.
It’s amazing to think that if IRS did their job, we could pay for the government’s proposed bailout plan by closing that $345 billion tax gap. Instead, people like you and I are paying for it because we don’t cheat on out taxes, unlike the 7 million Americans who are currently evading the IRS!
Listen to more of my expert tax advice on Financial Lifeline Radio.
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Tags: accelerate deductions, defer income, tax advice, tax expert, tax gap, tax help
