Taxes are on the agenda in Washington

Congress is back in session following its August recess, and taxes are on the fall agenda. House and Senate tax committees say they hope to pass several pieces of legislation that could include the following:

• Extension of expiring tax provisions, such as theresearch and development credit, state sales tax deduction, the above-the-line deduction for out-of-pocket teacher expenses, and the college tuition deduction.
  
• A variety of energy tax provisions.
  
• Either outright repeal of the alternative minimum tax or a temporary fix to keep the tax from affecting an estimated 23 million taxpayers in 2007.
  
• Extension of the tax cuts created in 2001, 2002, and 2003 tax legislation.

An important part of our service to you is to help identify actions you can take before year-end to minimize your 2007 income tax bill. The changes made by the "Small Business and Work Opportunity Tax Act" passed in May 2007, and the potential for even more change this fall, make year-end planning especially important for you this year.

If you would like to review your 2007 tax situation and discuss tax-cutting options that fit your particular situation, please give us a call soon.