Now that you have filed your taxes

The tax filing deadline of April 15 has somewhat of a Botox effect on the average taxpayer, paralysis of the brain and spirit. Taxes are filed (or extended?), so here are a few suggestions to help make 2010 tax year a little less painful:

  1. Did you take a tax hit? Review Your Asset Structure.
    Make an appointment with your accountant, financial advisor or attorney and go through your assets one at a time. You may find a way to save money by restructuring your business and personal assets.
  2. Did writing that IRS check hurt? Consider how your family will feel by having to pay estate taxes on your death.
    Avoid probate and increase tax benefits by using a Trust. Schedule a meeting with Millie Palmer to discuss an estate plan that could save your family money.
  3. Is your business protected in the event of an IRS audit?
    Update your corporate book with authorizations of your 2009 distributions and 2010 salary information.
  4. Review Your Buy Sell.
    How did your business do in 2009? Does your buy-sell arrangement reflect current value? If you were to die in 2010, would your family get too little? If your partner were to die, would you be paying too much? Consider reviewing the agreement to reflect the business’ current value.
  5. Review Your Employee Benefits.
    Are you taking advantage of all opportunities for yourself and your employees? Meet with a financial specialist to go through benefits and find possible opportunities to save in 2010 by restructuring your employee benefits. Remember, in the immortal lyrics of Rush from the song, Free Will, “If you choose not to decide, you still have made a choice.

Don’t have a Botox summer. Call the attorneys of WPD today.

This document constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.