Tax Planning

We provide planning for individuals, corporations, business owners, partnerships, non profit organizations, and estates. We analyze your situation and recommend a strategy that will minimize your tax, maximize your return and help you accomplish your goals.

A wide variety of tax law changes take place each year involving new and expired tax laws. In addition to the tax law changes that may affect you, the annual inflation adjustments to tax brackets, standard deductions, personal exemptions, itemized deduction limitation and other tax amounts will directly affect your tax returns each year.

Summarized below are some of the more important changes still in effect or newly in effect for 2009 and beyond that may present tax planning opportunities as well as potential pitfalls.

  • Educator Expenses
  • Tuition & Fees Deduction
  • Option to Claim state sales & use tax instead of state and local income tax
  • Tax-free distributions from IRAs for charitable purposes
  • IRA Contribution Increase
  • First-time homebuyer credit
  • 5% Capital gain tax rate reduced to 0%
  • Liberalized AMT refundable credit
  • Kiddie tax increased age
  • Mortgage insurance deduction
  • Mortgage Debt Forgiveness
  • Gifts to Charity
  • Employer-sponsored Retirement Plan Contributions Increase
  • Health Savings Accounts
  • Increased standard deduction amount for real estate taxes paid
  • Itemized deductions and personal exemption phase-outs for high income taxpayers