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It’s Not Too Late - Last Minute Moves To Save Taxes

NEW YORK, NY – OCTOBER 2007 – You may believe that it is too late to implement tax saving ideas and financial planning strategies for year end, but there is still time for individuals and business owners to take advantage of opportunities to achieve their financial goals.

1. Make Annual Gifts of up to $12,000
2. Make Contributions to 529 College Savings Plan
3. Maximize 401(k) contributions
4. Take Advantage of Employer Match
5. Utilize Full Flexible Benefits and Cafeteria Plan Contributions
6. Businesses, Self Employed, Independent Contractors, Directors – Maximize Retirement Plan Contributions
7. Maximize IRA Contributions
8. Stock Sales – Take losses to offset gains
9. Age 70 ½ or Older – Don’t Forget Your Required Minimum Contributions from IRAs
10. Accelerating deductions by gifting to charity or preparing your state tax may reduce your tax burden

To find out more about last minute moves to save taxes, our pension expert, Avery E. Neumark, CPA, JD and our tax expert, Alan M. Willinger, CPA, JD are available for interviews and commentaries.  Mr. Neumark can be reached at (212) 303-1806 or by e-mail at aneumark@rssmcpa.com and Mr. Willinger can be reached at (212) 303-1012 or by e-mail at awillinger@rssmcpa.com.

RSSM, a member of the SEC Practice Section of the AICPA, was founded in 1956 and has over 125 professionals, including 19 partners and 14 principals.  We are a full service firm offering consulting services, including estate planning, litigation support and forensic accounting, management information systems consulting, business valuations, employee benefits, executive compensation, executive search and retirement planning in addition to the traditional services of accounting, auditing and tax planning and preparation.  Recently RSSM has been ranked in Public Accounting Report and Bowman’s Accounting Report as one of the Top 100 Accounting and Consulting firms in the United States and in Crain’s New York Business as one of the Top 25 CPA firms in the New York City metro area.  We can also offer services on both a national and international level through our membership in Polaris International, a worldwide association of independent accounting firms.

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For information contact:

Alisa Morris
Director of Marketing
(212) 303-1880
amorris@rssmcpa.com