2001 is rapidly coming to a close. There has been much discussion about our economic problems and the new tax laws that were passed by Congress this past summer.

Please be aware that as December 31st approaches, there are certain situations that still exist for year-end tax planning and tax savings in 2001. Accelerating expenses and deferring income are common methods of postponing taxes every year. Nothing has happened to change that.

Most of the new tax rules don't take effect until 2002. Many opportunities exist in 2002 to reduce your tax bill. The biggest changes are in retirement savings and saving for education. Some of these changes involve setting aside large dollar amounts in 2002 for retirement or college. The time to start planning for these expenditures is now. Proper monthly budgeting can set accumulate large amounts of money by the end of 2002, without taking too much of a hit each month.

I am happy to meet with you at any time before the end of the year to discuss these strategies and lay out a plan that works for you.

Please call me at 608-250-9926 or email me at charlie@libertyprofessionalservices.com if I can help you.