Tax planning of any sort is undeniably becoming more and more complicated. Yet at the same time, it is also becoming increasingly more valuable to taxpayers. Talk with your professionals about these 4 ways that could help you trim your tax bill for 2009:

#1… What is in the “2009 Act” that could put dollars into your pocket? If you are thinking “nothing that can help me,” you might want to talk with your tax professional. The deepest recession in years has led to a comprehensive economic stimulus plan that our lawmakers hope will stimulate the economy and create new jobs. Part of this plan is the American Recovery & Reinvestment Tax Act of 2009 (the “2009 Act”). The “2009 Act” includes…well, what does it not include may be easier. Brand new tax credits are allotted on a number of things from both increased existing and brand new tax credits, to the AMT exemption increase, to a deduction on car purchases to changes in business expensing… and the list goes on. You might be surprised what will fit your unique situation.

#2…If you are a high-income professional, an independent consultant or self-employed, did you know you have the potential to shelter up to $195,000 individually in a retirement plan? This means $195,000 will be subtracted from your taxable income. Of course, this depends on you and your spouse’s employment status, earned income, actuarial assumption and other variables such as current tax laws. There is just one catch-but it’s a big one: you must open this retirement plan before the end of the year. NOW might be a good time to pick up the phone, call us and ask questions. (P.S. If you already have a plan in place that fits your situation, don’t forget to find out the highest amount you can contribute to it and max it out!)

#3…Are you aware that Congress has provided tax incentives to stimulate domestic natural gas and oil production financed by private sources? Section 263 of the tax code allows investors to deduct up to 100% of the intangible expenditures of drilling, which is usually 65 to 80 percent of the well, during the year the investment was made. Additionally, tangible drilling costs are 100 percent tax deductible and may be deducted as depreciation over a seven-year period. Are there alternative investments that could be helping you minimize your tax bill? There might be…but you have to go looking for them, they won’t come to you.

#4…Do you know how much you could be paying Uncle Sam for 2009? By this time of the year you probably have a good idea what your income will be for 2009, as well as a general estimate of any major capital gains or losses. Once you know these numbers, a tax professional can help you estimate your tax. I encourage you to speak with your tax professional and financial advisor within the next couple of months to talk about your current outlook as well as any tax-trimming strategies. For example: carryover losses from 2008, along with different types of losses realized in 2009, provide opportunities for immediate tax benefits. You may want to make your January mortgage payment in December, pre-pay property taxes due in early 2010 or make specific charitable donations. The key here is to ask questions.

Our government has spun quite a few webs in the tax code over the past couple of years. Some of these provisions will stay and some will go in the upcoming year(s). And there will be new provisions. Bottom line: The laws present important planning opportunities for many taxpayers, but change is the only current constant in our tax law. Asking questions could help you best take advantage of them – but don’t wait until December. You need to start now in order to make use of every opportunity available to reduce your 2009 Tax Bill.