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"Gilly the
Greek" Predicts March Madness
We thought we'd have a bit of fun this week (tempered with some useful business advice, of course). To begin... Gilly the Greek's Sweet Sixteen
Early Line on Championship: Florida. Reason: Joakim Noah has great hair. Sentimental Pick - Ohio State. Reason: Feel bad about their pitiful performance in college football championship. Disclaimer: Gil has never come close to winning any March Madness poll in over 20 years. The Surgeon General has ruled that using his picks could be dangerous to your betting health. But, if there's one thing you CAN bet on, it's the quality of Gil's tax tips. And so, in order to gain back a modicum of integrity with respect to this eNewsletter posting, we offer the following: Spring Training Tax Tips 1. Plan now for 2010 Roth IRA conversions. New rules allow anyone, regardless of income, to convert their IRAs to a Roth in 2010. Good opportunity to fund non-deductible IRAs for 2006 to 2009 with one catch -- if you elect conversion, all IRAs (traditional and non-deductible) must be converted. 2. Alternative Minimum Tax. More taxpayers will be subject to the AMT in 2007. This should require better planning to avoid surprises at April 15, 2008. Utilize tax free instruments when appropriate with one caveat -- tax free bond funds could still cause AMT problems. Consider using individual bonds not subject to AMT whenever possible. 3. For all you pre-college parents... Pennsylvania provides a tax deduction for contributions to any state's 529 college savings plan. 4. Self-employed taxpayers... Don't forget it's not too late to set up your own retirement plan for 2006 (up to the date you file your 2006 return). Please email or call me of you have any questions about these or any other tax issues (or if you'd simply like to take issue with my NCAA picks!). -Gil Davis, CPA / PFS
For further information about Case | Sabatini, browse
to www.CaseSabatini.com, eNewsletter announcement archive & press contact | Our home page: www.CaseSabatini.com Disclaimer: To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties that may be imposed, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. |
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