Will you receive a 2007 income tax refund or an economic stimulus tax rebate check? Your tax consultant should be able to tell you whether you do qualify for a rebate. So contact Cirimelli, Pyle and Associates and find out how much the IRS owes you. Here are some suggestions on how to put these funds to good use.

 

1. Pay off consumer debt.  This is generally one of the best uses for extra cash.  For example, if you typically carry a credit card balance and pay 16% interest, you’ll realize a 16% return if you pay off that debt.  You probably won’t save quite as much by paying off other types of loans, but you should consider that as well.

 

2. Contribute to an individual retirement account (IRA).  A contribution to an IRA is a good idea whether it’s tax-deductible or not because IRA earnings grow tax-deferred.  If you’re self-employed and show a profit for the year, you can also make a tax-deductible contribution to a Keogh plan.

 

3. Start or add to an education fund.  Consider investing your extra money in stock or bond mutual funds earmarked for your child’s education.  We can help you decide whether your education fund should be held in your name, your child’s name, or in trust.  We can also help with planning to avoid getting snared by the “kiddie tax.”

 

 

A good CPA also helps to save tax by advising the investor to invest in certain places. Cirimelli, Pyle and Associates are a Certified Public Accountants Firm in California. The services offered by Cirimelli, Pyle and Associates include year-end tax planning services, client accounting and write-up services, individual and business income tax return preparation, and they also present new clients an initial consultation free of cost. So for a good CPA firm in Campbell, San Jose, Santa Clara, Saratoga or a Sunnyvale business accountant, contact Cirimelli, Pyle and Associates at mailto:cpa@cpasllp.com  or call 408- 879-9990   for details or guidance with your 2008 tax planning.