Death and taxes. Both are unavoidable, as the old saying goes. But with careful planning, businesses and individuals can take steps now to reduce\u2014or at least better manage\u2014the pain when next year\u2019s tax deadlines roll around.<\/p>\n
According to Sharon Lassar<\/strong>, director, School of Accounting in the College of Business Administration, it\u2019s not too early to start reviewing 2008 tax strategies\u2014especially in light of the current economic downturn.<\/p>\n [flv:http:\/\/business.fiu.edu\/newsletters\/BusinessNetworks\/2008\/05\/videos\/sharonLassar384K.flv 500 334]<\/p>\n What every business should consider . . .<\/em><\/p>\n \u201cWhether your business is making or losing money, now is a good time to talk to your financial advisor,\u201d she said. \u201cYour CPA or tax accountant can help you make the best business investment, purchasing, or expensing decisions as you move through the year. You can explore different ways to borrow money or raise capital to reach your desired objective while minimizing your tax situation. Taking the time to discuss options now gives you the opportunity to think through decisions before you fully engage them.\u201d<\/p>\n Certainly, the state of today\u2019s economy combined with the credit crunch comes into play for businesses of all sizes.<\/p>\n \u201cThis is a good time to re-evaluate your current business tax strategy and make appropriate adjustments,\u201d Lassar said. \u201cYou might, for one thing, consider slowing down deductions and adjusting the depreciation rate on capital additions for longer-term benefits.\u201d<\/p>\n Actions individuals can take.<\/em><\/p>\n For individuals, Lassar recommends taking the time to review your personal 2007 tax situation closely and compare it with predicted 2008 income, expense, and investment opportunities.<\/p>\n \u201cIf, for example, your income is decreasing, you should re-evaluate your withholding allowances so that you don\u2019t end up paying too much toward taxes this year,\u201d she said.<\/p>\n Lassar stresses one key bit of advice for individual taxpayers: always remember to pay yourself first.<\/p>\n Other suggestions?<\/p>\n \u201cThis year, we\u2019ve already seen a downturn in stock portfolios,\u201d Lassar said. \u201cNow is a good time to review and restructure your stock investments. You might consider selling some investments and recognizing losses as a way to offset potential gains.\u201d<\/p>\n She also suggests that individuals review itemized deductions and consider alternating itemized and standardized deductions from one year to the next.<\/p>\n \u201cBe sure and check in with your financial advisor in the summer months or early in the fall to review your personal tax situation, as this gives you time to change direction if your situation has shifted,\u201d she said.<\/p>\n Bottom line, no one likes taxes but everyone has to pay them.<\/p>\n \u201cYou can\u2019t make taxes go away, but you can plan proactively to minimize the tax bite,\u201d Lassar said.<\/p>\n","protected":false},"excerpt":{"rendered":" Death and taxes. Both are unavoidable, as the old saying goes. But with careful planning, businesses and individuals can take steps now to reduce\u2014or at least better manage\u2014the pain when next year\u2019s tax deadlines roll around. According to Sharon Lassar, director, School of Accounting in the College of Business Administration, it\u2019s not too early to […]<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[4,14],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/posts\/882"}],"collection":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/comments?post=882"}],"version-history":[{"count":0,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/posts\/882\/revisions"}],"wp:attachment":[{"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/media?parent=882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/categories?post=882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/biznews.fiu.edu\/wp-json\/wp\/v2\/tags?post=882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}