With tax season now behind us, accountants can turn their attention to the clients who are on extension and provide advice to other clients to help them save money in the year ahead.
With the economy turning sour, there will be plenty of incentives for clients to look to their accountants for advice. As prices rise on everything from food and gas to college tuition, accountants can offer valuable recommendations about savings and investment strategies to shore up their clients’ finances. There is a lot of uncertainty about what the year ahead will bring in terms of how soon the economy will recover and who will be in the White House.
Meanwhile, Congress once again is trying to keep the alternative minimum tax from spreading to the middle class, while also setting up tax breaks to help the mortgage and housing industries weather the current crisis. Tax breaks for renewable energy are also high on the list of priorities for Congress.
Retirement savings will also be a crucial area in the coming year as more Baby Boomers get close to retirement age and evaluate their holdings, wondering if their savings will cushion them through retirement or if they will need to continue working. Accountants can help them make this evaluation and determine the best ways to make retirement more feasible, hopefully lessening the worries about financial security.
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