Year-End 2009
Dear Clients and Friends,
As we approach the end of 2009, it seems evident that taxes will soon go higher. In the past decade tax legislation has provided lower tax rates and many targeted tax deductions and credits. Most of these provisions will expire at the end of 2010. That fact and the current search for revenue to fund health care reform will lead inevitably to higher taxes. The only questions are when, at what income levels, and by how much?
Though Congress is focused on health care legislation, there are other important tax priorities. One is the alternative minimum tax, which if left unchanged, will affect more than 27 million taxpayers next year. Another is the estate tax, scheduled to expire in 2010 only to return again in 2011 at previous levels.
This Letter is being sent to remind you that right now is the ideal time to identify actions you can take before year-end to cut your 2009 taxes. It's also the right time to review your overall tax strategy in light of the coming tax changes. Please call if you have questions or if you would like to get together to discuss your tax-cutting options.
