Req: Would someone please tell me the best way to reduce taxes for year 2006. Would a lawyer be my best bet?

If you are only worried about filing late, a tax accountant or EA would probably be best. Filing sooner is cheaper than postponing, and it reduces stress on you. The IRS would like to welcome you back. Even if you can't pay it all off immediately, they will give you fairly reasonable interest rates. Your state would welcome you back also, but their interest rates may be less reasonable.

If you have a lot of illegal income or if you are going to be "creative" in some way, you could need that lawyer.

I asked several of my lawyer friends, and none of them had any ideas for reducing taxes. A couple of them said that it's sorta late to be thinking about reducing your 2006 taxes. They said it's pretty late to be planning your 2007 taxes, also.

In only one more day after the weekend, as others say it's going to be pretty difficult. Only real way I can see would be to hand-carry an appropriately-sized donation to your local charity of choice if you can find one around on New Year's Eve day--your local church will be around tomorrow undoubtedly. Other than that, what's done is pretty much done for this year. Even that's stretching the letter of the law, probably, as it's not likely the funds can actually be transferred to the receiving entity, but if you can get them to issue the required letter showing 2006, you would likely be safe. Of course, that's a real donation so you're out the funds, just saving some taxes of course which undoubtedly isn't what you had in mind... :)

wrote

For 2007 there's a big charitable donation lurking tomorrow (Sunday) or Monday if you like.

By the due date of the return you might could max out an IRA contribution.

There is a myriad of things you can do to save on your 2006 taxes. That is no problem. It is the whole time travel thing that will be the hard part.

Too late for 2006 Did you mean 2007? If so, you should contact your own CPA & do a projection before Dec 31

___________________________________

-----> real address on hobokeni or hobokenx

That's like tomorrow - or today - or last week - depending on when you read this.

Tomorrow, we're sticking around till the mail runs, then closed for the remainder of the year.

It's a tad late for any significant 2007 tax planning.

Amazing! You mean you can make a donation today but maybe get them to issue a letter for 2006? Or am I just a year late and two dollars short?

All kidding aside, this is tax fraud!

ChEAr$, Harlan Lunsford, EA n LA

You should contact a qualified local tax practitioner such as an Enrolled Agent (EA) or Certified Public Accountant (CPA)!

ChEAr$, Harlan Lunsford, EA n LA

...

I thinking '07 (as must surely have been apparent from the context)...of course all is off if the OP really meant '06.

OR>....... the original message might have been just floating out there in neverneverland and finally got posted to the newsgroup.

Happy New ChEAr$ yall! Harlan Lunsford, EA n LA