The best way to ensure you are minimizing your tax liability is to keep abreast of tax law. But consistent monitoring of the changes to tax laws can be difficult to keep up. In 2006, Congress passed numerous revisions to the tax code in areas ranging from retirement savings to charitable giving to the “kiddie tax.” At the same time, Congress extended certain tax breaks through 2007, including the higher education tuition deduction and the option to deduct sales tax instead of state and local taxes. Throughout this guide you’ll find an overview of recent changes that may affect your return, as well as tips to help minimize your 2008 tax bill.

©2008, American Institute of Certified Public Accountants

Tax Planning for 2008