Year End Planning

Good news is, unfortunately, hard to find these days. In a normal year (remember normal?), Congress sees fit to deliver a few “goodies” for the taxpayers back home. This year never did look promising for delivering goodies.

A lame duck President doesn’t push hard for changes. The record-breaking gridlock continued in the Senate (most filibusters ever). What the steel-curtain couldn’t stop, a Republican President who had lost his conservative way, likely would. No, it was not a promising year.

The closest I could find is
(1) The annual “extenders” bill was passed earlier then usual, as part of the September financial markets bail out bill and
(2) Congress passed a limited exemption from tax for home foreclosure related forgiveness of debt.
(3) Lower- and middle-income taxpayers will benefit from a new 0% tax rate on capital gains. Hopefully, you some of them sold stocks before the market tumbled to pre-Bush 43 levels.
(4) Taxpayers may be able to deduct property taxes on their residence even if they take the “standard deduction.” The deduction was configured as an increase in your standard deduction equal to the lesser of your property tax payments for the year or $500 ($1,000 for joint filers).

And that’s the good news.

Check my web site for year end planning tips & links to detailed explanation of the new tax laws.

Personal tax planning:
http://fasttaxreturnsonline.com/tax_planning_i.html
Business tax planning
http://fasttaxreturnsonline.com/tax_planning_b.html

Come on 2009!!! I am ready.