Dear Clients and Friends,
Congress had hoped to tackle a full tax agenda this fall, but other issues claimed their time and attention. Now, in addition to being faced with very little time remaining in the 2007 legislative session, Congress must also work with "pay-as-you-go" rules that require revenue offsets for any tax cuts. That could make it difficult to ease or eliminate the onerous alternative minimum tax and to extend expiring tax breaks.
Though most agree that the tax law is too complicated and a complete overhaul to simplify it is needed, in the short term Congress is more likely to make small, frequent changes. Planning is challenging when the rules change two and three times a year, but without planning, you're likely to pay higher taxes than necessary.
Right now is the ideal time to review your 2007 tax picture and to consider actions you can take before year-end to minimize your taxes. It's also the right time to review your overall tax strategy and make adjustments to your longer-term plans. After reading this Letter, please call if you have questions or if you would like to get together to discuss your tax-cutting options. And please share this Letter with friends or associates who might be interested in this information.