One of the central themes of the current presidential campaign that will gain even more notice as the compaign continues is taxes. The two candidates seem to have quite opposite viewpoints as to what should happen to the tax system. Currently, it appears that McCain is in favor of the status quo and perhaps even making the Bush tax cuts permanent while Obama wants to revert to the pre-Bush tax rates.

At this point, I am not going to comment on the specific proposals of the two candidates. As the compaign goes on, however, be sure to pay close attention to what each candidate is saying about what they would like to see happen with the tax laws. As we have seen in the past, changes in the tax law can have both a significant impact on our personal tax situation as well as on the economy as a whole.

One thing is for sure. No matter which candidate wins the election, tax planning is sure to be more important than ever. If McCain wins, planning under the current system will be critical to maximizing your after-tax dollars in a difficult economy. If Obama wins and succeeds in implementing his tax changes, even more planning will be required in order to offset his tax increases. Either way, a good Tax Strategy will make a huge difference in permanently reducing your income taxes. Be sure to contact one of our Tax Coaches/CPAs at 866.467.5809 to find out how you can permanently reduce your taxes under either candidate's proposals.

Warmest regards,

Tom