3 big mistakes I see people making in 2008 when it comes to their taxes...

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Avoid Mistake #1: Don’t focus so much on bringing in cash flow and paying the bills that you forget that you have less than 6 weeks to plan for year-end.

That’s one of the dangers I see happening with ideas like David and other business people have. Sometimes they take off, and they take off fast. It’s months after the fact when someone wakes up and thinks, “What about the tax?” I don’t want this to happen to you!

You might have heard me talk about Diane Kennedy’s Tax Services, a 6 mo old full service tax practice. We’ve got a very interesting new model for working with clients. There are different programs that we offer: For example, if you’re just Getting Started, you don’t need an initial strategy as much as you need the ability to get UNLIMITED consulting and you need a budget for the beginning of your business. Or, you might be at the Stage in your business where you are making good money and are wanting to move to auto-pilot. You need to know what it takes to immediately pay less tax by getting a comprehensive look at everything that you have going on. Plus, you need to have someone who can look at deals and strategies on a year-round, ongoing basis. And, of course, you want to make sure the people doing the strategy are the ones preparing the tax returns.

Well, we knew it was something people needed, but we had no idea that it would grow as fast as it did. Plus, with some innovative ways of recruiting and compensating the people who work for us, we’ve got very happy people who want to save you money.

Today, I found out that we’ve all been so busy bringing in business and giving them an amazing experience, that we haven’t really been paying attention to our own bottom line. We’ve made money. Some really good money. And this morning Bill and I had to have a very serious discussion about the fact that we only have 6 weeks left for tax planning!

Yikes! I’m glad we didn’t wait much longer.

If you’ve had a good year, call Richard now at 888.592.4769 or drop him an email at Richard@DKTaxServices.com to find out about our tax plans. If you’ve had a tougher year, then it’s even more important for you to get hold of Richard right now. You can turn that loss into a big asset for the future, if you do it right! Plus, we can even take those paper losses and get you refunds for past year’s taxes. Sometimes a business loss can mean cash flow! Tax savings is real money you can put in your pocket right now.

Avoid Mistake #2: Don’t worry so much about 2009 tax changes that you forget about 2008 ! There are great loopholes that you need to take advantage of now.

We had some nice changes in 2008. Take depreciation for example: You can take up to $250,000 in a Section 179 deduction. And you can get a 50% bonus depreciation for new assets. You can combine those two loopholes or use just one. There a lot of different variations on how you can take advantage of this change. Section 179 can’t push you into a loss, whereas bonus depreciation can. But look at the definition of “loss”, it’s loss from your trade or business, which can include income from your job.

That’s just one of the hundreds of changes in tax laws for 2008. For now, let’s not worry about what might happen next year. For now, make sure you’ve got an updated tax plan that takes advantage of all you have available in 2008!

Just one tax strategy change, properly implemented, could save you thousands, maybe tens of thousands of dollars.

Can DKTaxServices save you money? Find out for FREE! with a FREE! CPA Tax Review. For a limited time, I’ll personally review your past tax returns. There are three ways you can send the return to us today:

(1) Fax your past year’s tax returns using our secure fax line to 602.258.0721. Please include your name, phone number and email address so we can get back to you quickly with your tax-saving results, OR

(2) Mail your tax returns or send a CD-Rom of your tax returns CONFIDENTIALLY to:
DK Tax Services
PMB 603
5350 W Bell Rd, C-122
Glendale, AZ 85308
OR
(3) Mark out your Social Security numbers and EINs and send via email to Richard@DKTaxServices.com.

Avoid Mistake #3: Do NOT try to do-it-yourself if you’re on the path to being rich!

Go back and read that last sentence in the previous section about depreciation again. Hint: It’s the one that starts “But look at the definition…”

That’s the sentence that saved one of our new clients over $100,000 in taxes for 2008. He can’t wait to file his tax return! I only wish we’d talked sooner. Now he has to wait for the big refund. But, what if he’d never made that first call? What if he (or another tax preparer) didn’t fully understand the definition of “trade or business”? Most of the popular, off the shelf, tax preparation software won’t walk you through critical tax issues like this. Imagine how bad you’d feel knowing that you had left hundreds of thousands of dollars of YOUR money in the hands of the IRS.

When it comes to taxes, the do-it-yourself approach can be the most COSTLY decision you ever make!

Get Started today with a FREE! CPA Tax Review for limited time only by me personally. I’ll review your returns, plus the notes you send me on your current situation and we’ll get back to you with the results. The cost is FREE! You have no further obligation with us. But my guess is that you’ll be like the vast majority of people who know a good deal when you see one. UNLIMITED consultation for no extra charge besides the affordable monthly expense that you can easily budget. Plus you’ll get the preparation of two returns – one business and one individual included in your program. Don’t wait. Get started today by sending in your tax return for a FREE! CPA Tax Review.

There are only 6 weeks left. You might find it hard to focus on taxes right now when there is so much economic uncertainty. You can’t know what the future will hold for most things. But there is one thing you do know. If you don’t take advantage of the small little window left for tax planning this year, the window will close. You can do something about your 2008 taxes, but you’ve got to act soon.

Warmly,

Diane

P.S. There will be a lot of changes coming in 2009. You’ll hear about most of it first by being part of our email program. Plus, make sure you check www.TaxLoopholes.com frequently for tax strategy updates.
P.P.S. Remember: In order to get your FREE! CPA Tax Review you need to send in your past year tax returns in one of three ways:

(1) Fax your past year’s tax return using our secure fax line to 602.258.0721. Please include your name, phone number and email address so we can get back to you quickly with your tax-saving results, OR

(2) Mail your tax returns or send a CD-Rom of your tax returns CONFIDENTIALLY to:
DK Tax Services
PMB 603
5350 W Bell Rd, C-122
Glendale, AZ 85308
OR

(3) Mark out your Social Security numbers and EINs and send via email to Richard@DKTaxServices.com.