Joe Ramos, CEO & Sr. Wealth Advisor
Joe Ramos, CEO

Letter from the CEO

Tax Planning Update



On February 17, 2009, President Barack Obama approved new legislation aimed at stimulating the U.S. economy. In addition to provisions designed to create jobs, encourage spending, improve infrastructure, and strengthen the financial industry, the new legislation contains close to $300 billion in tax incentives for individuals and businesses. The provisions include relief for the unemployed, incentives for home and car purchases, education tax breaks, an extension of increased Section 179 limits for businesses, and energy-efficiency incentives. We detail the tax-related provisions of the new law in The American Recovery and Reinvestment Act: Tax Relief Highlights.

Among the provisions that affect individuals, the American Recovery and Reinvestment Act of 2009 contains the Alternative Minimum Tax (AMT) patch for 2009. Each year, Congress adjusts the AMT exemption amounts to help shield middle-income taxpayers from higher taxes. We explain the rules surrounding the AMT and offer suggestions for minimizing AMT liability in The Expanding Reach of the Alternative Minimum Tax.

Finally, in Items of Interest, we explain the procedure of filing for an income tax extension. We also detail the tax credits offered by the Federal government for families that adopt a child.

As always, we welcome your comments,

C. Joseph Ramos