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2006 Tax Planning Suggestions

For effective tax planning the key is taking advantage of the tax breaks that fit your particular situation. Maximizing your saving opportunities and minimizing your taxes involve both short and long term planning.

- Take advantage of every tax credit and deduction available to you
- Maximize your exemptions
- Bunch deductions
- Shift income to other family members
- Repay personal debt or replace it with home equity loan

Contact us for assistance with your tax planning.

Standard Mileage Rates

For tax years beginning in 2006, the allowable deductions for the standard mileage rate are as follows:

Business miles. The standard mileage rate for the cost of operating your car changes to 44.5 cents a mile for all business miles driven.

Charitable services. The standard mileage rate allowed for use of your car when you use your car to provide charitable services to a charitable organization is 14 cents a mile.

Charitable services. Hurricane Katrina relief services. If you used your vehicle in giving services to a charitable organization to provide relief related to Hurricane Katrina, the standard mileage rate allowed for use of your car is 32 cents a mile.

Medical reasons. The standard mileage rate allowed for use of your car for medical reasons is 18 cents a mile.

Moving. The standard mileage rate for determining moving expenses is 18 cents a mile.



KenWood & Associates, P.C. has a dedicated staff experienced in tax preparation and consultation.

Preparation

The staff is available for the preparation of federal, state and city tax returns for individuals, corporations, partnerships, estates and trusts. KenWood incorporates highly trained tax professionals who undergo extensive education to be the front runner in up-to-date tax law changes. By keeping on track with leading edge information, the tax department provides clients with several added-value services which is beneficial to everyone.

Planning

Tax consultation planning is a common task for the professionals at KenWood. The staff posses the knowledge to aid you whether you are just starting a new company, just won the lottery, or simply looking for something new. Planning services are available to all aspects of clients, from corporations, to partnerships, to individuals and even to estates and trusts.

Audit Representation

The exceptionally mannered professionals at KenWood are also trained to represent you or your business when dealing with the Internal Revenue Service or other taxing authorities. They can be involved from filing the right to speak on your behalf, to providing expert testimony in a court of law.

Estate Protection

Estate planning is an important issue to plan for regarding your future. The dedicated staff at KenWood are knowledgeable in carefully and properly estimating your effects on taxation regarding your estate.

Restructuring

In the ever changing business world of mergers and acquisitions, KenWood professionals are prepared to research the effects of corporate restructuring in terms of tax liability as well as the benefits which come along with changing your company’s structure.


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