With the end of the year approaching many would like to learn more about what can be done now to lower their taxes for 2009. Are there stimulus offers we can take advantage of now before they expire?

Yes! The following is a list of who can benefit from the 2009 Stimulus Package.

Workers

Unemployed

First-Time Homebuyers

College Students and Their Families

New Car Buyers

Families

Retirees, Veterans and Disabled

Current Homeowners

Middle-Income Taxpayers

Small Business

The American Recovery and Reinvestment Act gives a direct tax break to 95 percent of workers and their families . It includes tax breaks that provide a financial boost to everyone from the unemployed,  to families with children and children in college, to first-time homebuyers and new car buyers. Some families could save more than $13,000 total from all of the breaks the package provides

If you are a small business owner I suggest you go to the the following link from the Turbo Tax website to view an extensive list of the Top Tax Incentives for Small Business Owners. http://www.2009stimulusforbusiness.com/?tab2.

For many of us, there are a number of end of year tax savings tips you can utilize. One year end tax planning strategy you may want to consider is what is known as end of year tax- loss harvesting for your Non-IRA investment holdings. If you have an investment holding ie. stock or mutual fund that is worth less than what you paid for it, you can sell the position, recognize a loss then either buy into something else( I suggest very similar in nature to stay as close to original holding as possible ) or wait 31 days to buy back into the same position. This will allow you to offset any current gains dollar for dollar up to the amount of your realized loss and carry forward up to $3,000 of additional loss(if any remaining) for future years. You

may also bee able to defer a year-end bonus, or delay the collection of business debts, rents, and payments for services. Similarly, you may be able to accelerate deductions into 2009 by paying some deductible expenses such as medical expenses, interest, and state and local taxes before year end.