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Show financial planning f ft rf Kathy Engle Mark Hulet HULET& ASSOCIATES Certified Public Accountants TAX REFORM AND 1985 PLANNING If you are wondering what lax strategies make sense as Congress debates tax reform, here are some suggestions: 1 . Manage your cash so that, if necessary, you can prepay state and local taxes (including property taxes) before December 31st. Reagan's tax proposal, if it becomes law in 1986, will make these non-deductible. Also, if you are planning to buy some big ticket items, such as a car, boat, airplane, etc., make the purchase in 1985 to get the sales tax deduction. 2. If you are planning to install energy saving devices in your home, do it before the December 31st expiration of the residential energy credit. The credit is 15 of the first $2,000 spent, with a maximum credit of $300. Qualifying expenditures include insulation, storm and thermal windows and doors, caulking and weather stripping, and automatic setback thermostats. thermo-stats. Wood burning stoves do not qualify. There is also a "renewable energy source" credit of 40 of the first $10,000 spent, with a maximum $4,000 credit. Qualifying for this credit are solar, wind, and geothermal energy equipment installed in your residence. 3. If you are planning to buy business equipment, do it in 1985 rather than after the new year. Depreciation writeoffs are likely to be smaller after any new tax legislation, and the investment credit seems almost certain to be phased out. 4. Be wary of investing in tax shelters. Credits and deductions you were counting on could be eliminated by new legislation. 5. Miscellaneous deductions on personal returns will probably be limited by 1986. These include employees' business expenses for travel, education, professional and union dues and subscriptions, as well as fees for tax preparation and tax investment advice. Pay them before December 31st. 613 MAIN ST., SUITE 301 645-7390 445 EAST 4500 SOUTH, SLC, UT 261-3459 V J Melvin Belly Famous Trail Layer Year Round Leases Now Available Deer Valley Condominiums llllllll 2 Sl 3 bedroom luxury units lllllllll walking distance to lifts 11111:1111 $800month lllllliili Call Transpac ' 801-363-2209 , agent lllllll! 7 The best of everything flUnfl everything you need iojy iPU II I at tlle bottom fOMuS of the hill. "" TjU II KVJloi CLOSEST MAJOR CENTER TO PARK CITY XAdLLr JTI CLOTHING FINANCE SERVICE Lanz First Interstate Bank Dyer's Travel I 1 ' 1 Castleton's Foothill Thrift & Loan Bob's Barber I I Betty Lewis Apparel bod s Barber I i I Naturalizer Shoes SPORTS "enne s Dry Cleaning II II Village Cobbler II II DRUG Village Sports Den I ' ' ' Foothill Pharmacy GIFTS OTHER I FOOD Frost's Books & Records Compushop J Applebutter Farms Stevenson's Gift" S Foothill Optical Fernwood Candy & Office Supplies Bob's Au'o Video CheeseHau D li No place Like Home ,i,s, c 1300 South Foothill Blvd. MiiiMeI e' cu, , The Upper Crust Cafe .jA Salt Lake City , 25 min. from Park City Leasing information,JTM properties (801) 53 1-6863 :::ir |