What tax planning steps do I need to be taking for 2008?

In this short video (4:26), Ron shares his tips on year-end tax planning. He points to charitable deductions, deferment of income, and acceleration of expenses as three main ways to reduce the 2008 tax burden. Ron also shares some of his philosophical beliefs about tax deductions. Paying taxes and planning for them is an important part of a mature financial life. Both your understanding of God’s ownership of resources and your view of the responsibilities of citizenship are foundational to being able to pay taxes with a willing and proactive heart.

As always, Ron’s encouragement to you is to go back to God’s word to restore your faith. Take a moment to consider the following scriptures and meditate on their truth and their application.

Matthew 22:21 (NASV)
“Then render to Caesar the things that are Caesar’s; and to God the things that are God’s.”

Romans 13:7 (NIV)
“Give everyone what you owe him: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor.”

Psalm 24:1-2 (NIV)
“The earth is the Lord’s, and everything in it, the world and all who live in it; for He founded it upon the seas and established it upon the floods”

Psalm 146:3-9 (NIV)
“Do not put your trust in princes, in mortal men, who cannot save. When their spirit departs, they return to the ground; on that very day their plans come to nothing. Blessed is he whose help is the God of Jacob, whose hope is in the Lord his God, the Maker of heaven and earth, the sea, and everything in them – the Lord, who remains faithful forever. He upholds the cause of the oppressed and gives food to the hungry. The Lord sets prisoners free, the Lord gives sight to the blind, the Lord lifts up those who are bowed down, the Lord loves the righteous. The Lord watches over the alien and sustains the fatherless and the widow, but he frustrates the ways of the wicked.”