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We all know this saying: "It is better to give than to receive." And because I'm a CPA and financial advisor, I'll add my own twist to it: "It is better to give than to receive, and giving is much better with a tax break!" As the holiday season approaches, it is so easy to get caught up in present-buying and planning and attending family get-togethers. By taking a little time out of your busy schedule to read this article now, perhaps you can find a way to reduce your taxes with some of your giving this year.

At the time of this writing, before the release of October sales results, the U.S. retail industry has benefited from an impressive string of 14 consecutive months of sales gains. While the S&P 500 index has produced a small loss in value since the beginning of the year, the median return of general retailers has been a gain of more than 16.5% (Bloomberg data). Indeed, the group has been one of the few bright spots in the U.S. stock market this year. Will the momentum continue into the upcoming holiday shopping season? Or will consumers tighten their budget belts as they proceed with increased fiscal discipline in light of unpleasant economic data? Recent trends and industry surveys point to a 2011 season that is expected to present a moderate increase in sales along with continued changes to the shopping habits of American consumers.

The holidays are always my favorite time of year. I love the twinkling lights on the trees, the fresh white snow, the cheerful music playing, all the sparkling decorations, and my children's faces glowing with holiday excitement. Then, all too soon comes the rude awakening that predictably follows: the horror of seeing my bank statement in January! So how can we make it through the holidays without breaking the bank?

It can be an estate planning challenge to develop a financial plan that allows individuals the ability to pass on specific assets to certain individuals while also making sure that other members are treated fairly. Often these assets are a family business or a lake cabin; they could also be any valuable asset, even jewelry and artwork. Frequently, these assets are a part of the family history and in many cases can be a part of an individual's legacy.

The holidays are fast approaching. As you begin your holiday preparations, it may be a good idea to create a budget that is organized into two lists: the things you need and the things you'd like to have but don't truly need. The best way to do this is by tracking your current spending.

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