The dreaded time is coming - tax season! The good news is that it's not too late to save money on your 2008 taxes. Following are some things that you can do to lower your taxes.

• Do you live in the "GO Zone"? See related articles for the many tax incentives for you.
  
• Review your 2007 tax return to identify expected changes in income.
  
• Review auto and business expense allowances . Business mileage rate for 2008 is 50.5 cents/mile thru June 30, 2008 and 58.5 cents/mile after June 30, 2008. You must have a receipt ONLY for meals/entertainment over $75. Start documenting business related travel, annual meetings and company/client outings.
  
• If you're a business owner in the "Go Zone", review asset purchase needs . Up to $250,000 can be expensed this year, plus 50 percent bonus! Determine opportunities to defer income, and accelerate expenses. Large SUVs are eligible for $25,000 if used in business!
  
• Review retirement plan options and contribution limits. 401k limits are $15,500; SIMPLE IRA limits are $10,500; and SEP limits are 20 percent of earned income. Review IRA eligibility and limits.
  
• Review home office deductions and self employed insurance deductions. Tax law for home office has been made more flexible. If you are not a business owner, look into home based & sideline business opportunities.
  
• Review education & tuition credits available.
  
• Include your children in the family business to take advantage of their lower tax bracket.
  
• Review your investments for capital gains/losses.   Capital gains tax reduced to 15 percent on assets sold after May 5, 2003. Dividends are also now taxed at 15 percent.

Following these tips is only the first step in lowering your taxes. After reviewing your situation you must take advantage of the deductions and opportunities you're missing out on.

Too much to handle on your own? Michael Choate & Co., CPAs can conduct a client-specific analysis (in less than an hour of your time) and explain your options and benefits. For more information email . Not only will you save tax dollars, you can avoid April 15th suprises!

Related articles:

• New Tax Law Passed to Help Families Recover From Hurricanes
  
• What is the GO Zone?
  
• Top Twelve Tax Savings Ideas for 2008