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"Maybe I'd Be A Party Clown" It's Your Money Series

By Jerry Stewart - Vision Productions

By now in this new year you should have something on your mind that you'd really rather not think about -- income taxes.    

A side note here -- I'm not sure how I ever became involved in my career as a tax accountant.  Oh sure, I went to school, I received all the required degrees, passed all the necessary experience levels, but I truly never thought I'd be involved in a work that most people would rather not even think about.  

Now, I believe myself to be a pretty nice fellow, I've got a lot of great friends, and all my clients seem to like me OK.  But some of my clients dislike this whole income tax thing so much that, believe it or not, I've got one longtime client who has told me straight out - she'd rather get a root canal then to go through tax season. Wow!  

But, why do people dislike income taxes so much?  Well, there are a few simple reasons like: we feel that our tax monies are being wasted on unneeded or trivial government spending.  There are some who truly believed that paying income taxes is downright wrong.  But, I think the main reason that many people don't like tax season is because it's just scary.  So many people don't know what the end result will be, so they are scared.  

Now this is where my job satisfaction comes in.  I help people pay less taxes through tax planning, legal strategies, and finding loopholes and little-known tax laws that help us to reduce taxes.  And if you want to pay less taxes this April the 15th, take note of a few credits and deductions you should ask your tax accountant about.    

There's the residential energy credit which could save you as much as $500 on your taxes; there's the alternative motor vehicle credit for hybrid vehicles; there's the fairly new domestic productions activities deduction, then there's the section 179 bonus depreciation which this year could give you a whopping deduction of up to $108,000.  The business mileage standard rate has increased to 44 1/2 cents per business miles driven, there's an increase in the limit for certain retirement plans, and many more potential tax savings tools. 

 So, make sure to ask your tax expert about all these new tax credits and deductions and which ones might work for you.  

Now, one last comment - not long ago a client asked me, "Jerry if you had to do it over again, what occupation would you choose?"    I had to think before I responded. "Maybe I'd be a tax accountant.  And then again, maybe, just maybe -I'd be a party clown."   

Until next time, don't forget - the money you save on your taxes -

It's Your Money!

For more tax and financial help, see our  other"It's Your Money" articles