That's right Tax Planning for 2010 starts now. Many of the best planning ideas should be done in the first month of the new year. The following is just a partial list of ideas that should be done ASAP.
Make your Retirement contributions as early as possible (earnings grow tax deferred).
If you plan on making annual gifts(this year you can gift 13,000 to each individual W/O gift tax concern) they should be done early in the year and not in December.
If you own a business you should think about hiring your children to work part time for your business. Their tax rate is probably lower than the parent's.
Now is the time to review your estate plan and make any changes that would be necessary due to family changes or business changes.
Before doing any of these ideas you should consult your tax advisor to maximize the tax benefits of these tips.
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