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

Letter from the CEO

Tax Planning Update



As the 2009 calendar year comes to a close, you may choose to prepare a draft of your upcoming tax return to provide a clearer picture of your 2009 tax liability. This process may be especially important if changes in your personal circumstances will affect your tax situation. It may also help you determine ways to reduce your liability by contributing to tax-advantaged savings accounts or planning to qualify for deductions. In Year-End Tax Planning Strategies, we examine ways to trim your tax bill before year-end 2009.

Many adults find themselves supporting their aging parents. This can be challenging, both emotionally and financially. If you are supporting your parents, you may qualify for tax breaks, including dependency exemptions, the head of household filing status, and deductions for care and medical expenses. We review these tax benefits in Tax Breaks for Family Caregivers.

Finally, as you prepare your estate with the goal of minimizing taxes, one important issue to consider is defining your domicile. If you own property in more than one state, you may be able to determine which is most advantageous when it comes to estate taxes and then take steps to establish that state as your domicile. We provide more information in Taxes and Your Estate: Reconcile Your Domicile.

As always, we welcome your comments,

C. Joseph Ramos