It’s that time of year again. No, I don’t mean it’s time to start preparing holiday fixings or shopping for festive attire. I mean it’s time for year-end tax planning. Steps taken between now and the end of the year can materially affect your 2005 tax liability. Don’t treat your tax life like a surprise, not to be peeked at until next March or April.
Author Information: Richard R. Upton is a tax partner at the New York City law firm of Patterson, Belknap, Webb & Tyler LLP. Richard, who graduated from Princeton University and NYU Law School, has a broad ranging tax practice with a focus on business transactions and the tax problems of tax-exempt organizations. Richard regularly lectures and writes on the tax issues and problems facing individuals, businesses and tax-exempt organizations. He can be reached at RRUPTON@pbwt.com.