If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be able to take a tax credit.

The Retirement Savings Contributions Credit applies to:

Individuals with incomes up to $25,000 ($37,500 for a head of household)
Married couples, filing jointly, with incomes up to $50,000

Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits, rather than deductions, you may be able to subtract them in full dollar for dollar from your federal income tax.

The Hope Credit

According to the 2007 Salary Guide, the need for workers who specialize in the accounting and finance fields will be increased because of business growth and compliance-related issues. Areas such as compliance, financial analysis and general accounting are in high demand. As a result of this, recruiting will become even more difficult for 2008.

Because of the lack of skilled accounting and finance professionals, employers have no choice but to offer premium compensation to attract and keep skilled workers.

Unfortunately for small businesses, for every one that opens another one closes down. One of the main reasons for that statistic is a lack of knowledge about taxes. Lack of understanding of the tax laws, poor decisions, and a failure to seek out a tax professional can be detrimental to many business owners.

Being aware of the tax breaks that are available to you is a vital step in keeping your company from taking a nosedive. As a small business owner and entrepreneur, it is definitely a challenge to be able to structure your business in a way that would keep Uncle Sam happy.

The five following steps can prevent tax headaches for those contemplating starting a small business as well as those already in business:

Driving has become a passion for many tax filers because of the many tax deductions available to them. However, deducting the purchase price, maintenance and operating cost of a vehicle can be a