2009-10-26 17:58:01 -

Grant Thornton LLP’s National Tax Office created the Year-end tax guide for 2009 to help individuals and business owners make sure they do not pay any more than they have to on their 2009 tax bills. The guide provides a tax strategy overview and gives taxpayers action steps to jump-start the planning process in the form of Grant Thornton’s top 20 tax planning opportunities.

“The economic turmoil of the last year has spurred the passage of more new tax laws,” said Mel Schwarz, a partner in Grant Thornton LLP’s National Tax Office and the firm’s tax legislative affairs director.

“While there are now more ways than ever to reduce your tax liability, taking full advantage of them is becoming harder. The

outlook for future tax legislation can be even more confusing. You need to think farther ahead, employ clearer strategies and use every tax break you can.”


Some of the guide’s tax planning opportunities could help taxpayers.

- make up estimated tax shortfalls with withholding to avoid penalties;
- bunch itemized deductions into a single year to get over minimum adjusted gross income floors;
- give appreciated property to charity to increase tax savings;
- exhaust the annual gift tax exclusion to save on estate and gift taxes; and
- roll over a tax-preferred retirement account into a Roth IRA to pay less tax now when rates are low and asset values may be depressed.

“Our guide provides an overview of recent tax law changes and strategies to reduce your tax liability. It will show you how to tax-efficiently invest for education and retirement, and transfer your wealth to loved ones,” concluded Dustin Stamper, a manager in Grant Thornton’s National Tax Office.

Browse the full text of the guide online – including charts and our top 20 tax planning opportunities – and look for the latest Grant Thornton tax legislative updates at www.GrantThornton.com/yearendtaxguide : .

A hard copy of the guide is also available for download.

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In the U.S., visit Grant Thornton LLP at www.GrantThornton.com : .



Grant Thornton LLPKristi Grgeta, 312-602-8720 Kristi.Grgeta@gt.com : mailto:Kristi.Grgeta@gt.com