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December 29, 2006

On the last business day of the year, let's review a few last-minute items for your year-end tax planning:

Consider whether you need to get your checks issued by year end to get your deduction this year.

Can you benefit by having your broker sell some loser stocks today for you?

Do you have an S corporation? Do you know where your basis is?

If you are starting a retirement plan for 2006, have you executed your plan documents?

Did you make your year-end charitable gifts?

Did you make your College Savings Iowa Section 529 plan contribution?

If you aren't going to have alternative minimum tax for 2006, did you consider paying your 4th quarter state estimated tax, and maybe your balance due, this year? Look here for a discussion of the economics of prepaying your taxes.

If you are an Iowan, maybe you should pay your fourth quarter federal estimated tax now to get a 2006 deduction.

Did you use your annual personal gift tax exclusion?

And, if you really want a deduction this year, and the stars are right, you can consider this. This sort of gift keeps on giving.

Happy new year! We wish you many happy returns next April.

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