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This newspaper page contains 3 articles. Subscribers can read the full text of each article.
Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Mar 22, 2004
Page
12
A financial planning article outlines proactive tax strategies for individuals. It notes two general methods to lower taxes: increasing deductible expenses and credits, and reducing taxable income. It recommends accelerating deductions in high tax years and delaying them in lower tax years, with specifics on medical costs, taxes, mortgage interest, charitable contributions, and education funding.
A guide listing common tax planning missteps from finances disorganization to missing deductions and overuse of shelters. It notes deferring or accelerating income, using salary reduction options, and seeking advice before major transactions, with a teaser for insurance planning in a future issue.
A six step checklist outlines goals gather data develop strategies implement plan and monitor progress for personal income tax planning. It stresses minimizing taxes legally with professional help when needed and regular reviews to adjust for changes in income or deductions.
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