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Income Tax Planning

The long road to tax simplification:

  • 2006 - Pension Protection Act of 2006
  • 2006 - Tax Increase Prevention and Reconciliation Act of 2006
  • 2005 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
  • 2005 - Safe Transportation Equity Act of 2005
  • 2005 - Energy Tax Incentives Act of 2005
  • 2005 - Katrina Emergency Tax Relief Act of 2005
  • 2004 - American Jobs Creation Act of 2004
  • 2004 - Working Families Tax Relief Act of 2004
  • 2003 - Jobs and Growth Tax Relief Reconciliation Act of 2003
  • 2001 - Economic Growth and Tax Relief Reconciliation Act of 2001
  • 1999 - Tax Relief Extension Act of 1999
  • 1998 - IRS Restructuring and Reform Act of 1998
  • 1997 - Taxpayer Relief Act of 1997
  • 1996 - Small business Job Protection Act of 1996
  • 1993 - Omnibus Budget Reconciliation Act of 1993
  • 1991 - Revenue Reconciliation Act of 1991
  • 1990 - Omnibus Budget Reconciliation Act of 1990
  • 1989 - Omnibus Budget Reconciliation Act of 1989
  • 1988 - Technical and Miscellaneous Revenue Act of 1988
  • 1987 - Omnibus Budget Reconciliation Act of 1987
  • 1986 - Tax Reform Act of 1986

Short-term fixes:

  • Retroactive provisions
  • Provisions that sunset
  • Adjusted gross income phase-outs
  • Grandfather rules

Income taxes are typically one of your greatest annual expenditures. The first few months of each year are generally devoted to earning enough income to cover our tax liabilities. While many legislative changes appear to target deductions and tax savings opportunities of individuals, the complexity of the income tax law ensures that planning opportunities still exist. Such planning may not focus as much on short-term savings, but rather on the longer-term horizon. Changing capital gain rates, for example, can have a dramatic impact on investment strategies that may span several years. Planning techniques that involve tax-free or tax-deferred income, gifts and charitable contributions, company benefits and retirement programs may provide significant future benefits.

Income tax planning is just one aspect of what should be a comprehensive planning strategy. Income tax savings should not be jeopardized by a failure to plan in other areas. Our goal is to work with you to maximize the savings and planning opportunities throughout your financial landscape.

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