The "Section 125 cafeteria plan" has become a popular way to offer fringe benefits in the workplace on a pre-tax basis. Essentially, an employee is able to pick and choose the benefits desired. The employer only has to pay for those benefits that the employee actually chooses. Both parties save on taxes so it's usually a win-win situation. The IRS recently issued new guidance for companies with these plans, which clarifies many issues. Here are the details.

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Thinking about transferring assets to your kids to save on taxes? Depending on their ages, you might want to act fast. The Kiddie Tax rules are changing again next year, but for some families, there is an opportunity to cut their tax bills by taking long-term capital gains before December 31. Here are the details.

 Who can pay zero percent long term capital gains next year? Click "Full Article"

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  Timely Opportunities

With the arrival of the busy holiday season, it's easy to set aside tax planning. Unfortunately, as the year draws to a close, so do most opportunities to reduce your 2007 tax bill. While there is still time, consider these 20 ways to minimize your personal and business taxes, most of which require you to take some action no later than December 31st.
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  Business Tax

If you lend money to your C corporation, make sure you charge an adequate interest rate. Otherwise, you might wind up with an unexpected tax bill from the IRS. Click "Full Article" for the details.
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  Personal Tax

Do your children or grandchildren work part-time after school and during the summer? Click "Full Article" for a smart family plan that can help industrious kids save money for the future -- and save a bundle on taxes.
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