PLANNING STRATEGIES - 2007

Remember to start you tax planning early in the year. By tax filing time it is already late for that years tax filing, although a better time to start planning for next years tax filing.

Remember to revisit the number of Exemptions you claimed on your W4, particularly if there are changes in the area of qualified dependents. For example, there might be a new addition to the family, or a child or someone you had previously claimed cannot be claimed any more. This may be the case of your child who has moved to college and plans to henceforth claim him/herself.

Review your records/documentations to ensure you are keeping required tax records, particularly for items that you may want to claim as a deduction during tax filing time.