10. Business owners take a 50% special depreciation allowance in addition to $105,000 Sec 179 expense for all equipment purchased after May 5, 2003.   Consider tax loophole for large SUV's used in business. (Up to $25,000 first year write off)

9. Business owners-let us reallocate your compensation package...taxable vs. non-taxable benefits. Salary, dividends, car allowances, expense allowances, fringe benefits, meals and entertainment.

8. Determine eligibility for new $4,000 IRA for you and your spouse and add $500 more if you are over 50 years old. Also consider ROTH IRA if joint income less than $150,000.

7. Employees increase 401k contributions to new maximum of $14,000.

6. Business owners with less than 20 employees, consider Simple IRA vs. 401k Plan.   Defer $10,000 + 3% of your compensation.   No top heavy restrictions. Also consider 401(k) safe harbor plan and defer even more.  

5. Investors also review your investment asset allocation mix - capital gains tax after May 5, 2003 is 15%.   Dividends are also taxed at 15%. Lock in stock portfolio tax losses. Sell now and buy back similar stocks or mutual funds.

4. Invest in children's education funds with Education IRA/529 Plans - tax exempt earnings can be used for school tuition. Take advantage of education credits and the new $3,000 college tax deduction.

3. Start a sideline or home-based business. Convert a leisure activity into a business activity. Let us show you how!

2. Investors consider tax deferred variable or fixed annuities.

1. And the #1 tax saving idea for 2005 is to schedule a tax planning strategy session with Michael.   Call 225-292-7434 in Baton Rouge or 985-674-9092 in Mandeville.   Email: .