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With massive budget deficits and business sales being down due to the tough economic climate, we are slowly beginning to see some small (and yet very slow) signs of recovery. With more than 50% of the US economy coming from private business owners and passing by the half way mark of the year, business owners start to think about tax planning right about now. Here is one particular strategy that can be used for income tax savings. This is not suitable for everyone and is pretty complex but for the right person can be a real win win (business owner, their family and charity). With some of the tax savings, new people can be hired, new investment back into the business and all sorts of other strategies can be pursued.