Tax Planning

Introduction

Some people enjoy tax planning and other people would prefer to do almost anything else. In tax planning your objective is to minimize your gross income while maximizing your deductible expenses. The following websites will give you tax planning strategies that will help you make good financial moves.

FINRA Modules and Worksheets

Internet Links
Commerce Clearing House
This well reviewed site receives high praise for integrating basic tax planning into a larger framework of lifetime financial planning. For example, the crucial difference between tax avoiding and tax evading. There are easy links to other tax planning sites and plenty of worksheets –child tax credit worksheets, and calculators for figuring mortgage tax savings and annuity growth.
Fairmark Press Tax Guide for Investors
Provide hyperlinks through complex tax questions. The Forums can be searched to answer tax questions ranging from selling stock options to an ex-spouse’s 401(k).
H&R Block
Calculators and checklists for which savings should be spent first to year-end tax tips. There is a good calculator for the alternative minimum tax liability with suggestions for a better tax plan.
Internal Revenue Service
This federal government site is the most comprehensive tax portal. Easy navigation, cross-referencing, and a well-organized site map steer you to clear concise commentary. The frequently asked questions search box provides the most thorough definitions of financial terms and tax topics give you quick, clear answers to a multitude of filing questions.
TurboTax
The advertising to buy their software is relentless with the "Buy Now" button on every page but the tax tips give plenty of clear and free information on topics ranging from medical expense deduction and filing in multiple states. The paycheck withholding calculator will help you more accurately reflect your tax obligations.
U.S. Tax Court
If you are having problems with the IRS try reviewing the U.S. Tax Court site for your particular problem to see what has been ruled before and how it should be argued.
Yahoo! Taxes
Yahoo! provides links to several good sites including calculators from TurboTax, tips and glossary from H&R Block and intelligent advice from Bankrate.com and Forbes.com on things like the arrival of children and keys to deducting medical expenses. There is also a whole section inside the tax guide devoted to investors, with features like tax rules for selling mutual funds.

Library Materials
J. K. Lasser's 1001 Deductions and Tax Breaks
A straightforward guide to taking tax breaks and deductions.
J. K. Lasser's Your Income Tax
Bestselling tax guide offers balance of thoroughness, organization and usability.
Pocket Idiot's Guide to Surviving an Audit
Friedfel, Alan
An essential resource for coping with the ordeal of being audited.
Self-Employed Tax Solutions
Walker, June (June Gail Patricia)
Everything independent professionals need to know about business deductions and record keeping.
Tax Deductions for Professionals
Fishman, Stephen
Includes the basics of tax planning as well as specialized topics such as choosing a legal structure for your business.
Tax Me If You Can [electronic resource]
Investigates how big corporations and wealthy individuals cut their taxes with intricate tax shelters.

FAQs
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