The storm has finally passed. It was a tsunami to say the least. There were many factors that directly affected tax season: President Obama taking office in January, the rocky road of the stock market, the banking credit crisis and real estate bubble burst. Oh, did Iforgot to mention the impeachment of Blagojevich, the proposed Illinois state tax increase and the recent local elections? It was a rarity to read the news and not see any of these items making the headlines. I don't have a crystal ball, but I believe that tax rates will increase in the next year or two. Will the estate tax disappear? Probably not. Will minority discounts be shot down by Congress? I don't think so either. There is a lot going on right now that the business owner should be aware of. Make it a point to sit down with your CPA and attorney to start addressing the direct or ancillary issues that could put your business in peril. Start tax planning now for 2009. There are many planning ideas that you can incorporate to reduce your potential tax liability.
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