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Phone: 972-329-5040  Fax: 866-234-1249
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Our  2009 Tax Organizer will be available shortly

Year-end Tax Planning  - Starting now could yield dividends

This is an overview of some of the tax laws.   For more information I   encourage you to set an appoint in October  or November

Provisions ending in 2009

Some of these provisions may be extended but are planed to expire at the end of 2009

Extension  of the estate tax, with exemption amount of $3.5 milliion
Extension  of the individual Alternative Minimum Tax
Extension of the R&D credit
Longer NOL carrybacks
Unemployment compensation
New car purchases sales tax deduction
First-time homebuyer credit
Bonus depreciation
Code Section 179 expense
Individual estimated tax payments
Required minimum distributions
The itemized state and local sales tax deduction
The higher education above the line tuition deduction
The additional standard deduction for real property taxes
15 year cost recovery for leasehold and restaurant improvements

Provisions Running through 2010

American Opportunity Credit
Public transportation fringe benefits
Residential energy property credit
Making work pay credit
Cancellation of debt income
2010 Roth Conversion

Anticipated Tax Increases

Netting losses
Gambling Losses
Hobby Losses
Code Sec. 1231 losses

In conclusion year-end tax planning is getting more complicated, but also more valuable for a large number of tax payers.

Best Regards     Joe H. Hicks Jr. CPA

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Additional information can always be found at the IRS Web site,

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