Thanks to a number of legislative changes, you now have dozens of opportunities to minimize your tax liability in 2009. Together, we can review these new incentives and determine your eligibility within each, including:

ü  Retirement Savings

While it is always important to know and understand the contribution limitations for retirement savings, it is especially important for people over age 50 as they are allowed additional retirement savings. Particularly important in 2009 is the elimination of required minimum distributions for people over 70¹/₂ from qualified retirement accounts and IRAs and the elimination in 2010 of the dollar limitation restricting Roth IRA rollovers for higher income taxpayers.

ü  Deferring Income

Do you think your tax bracket will change zip codes in 2009 or that 2010 will be financially less kind to you than 2009? I can show you two opportunities to defer some of your 2009 income into 2010 to keep you in your current tax bracket.

ü  Accelerating Income

If you anticipate being in a higher tax bracket in 2010, or if you need additional income in 2009 to take advantage of an offsetting deduction or credit that will not be available to you in future tax years, you could take advantage of three opportunities to increase your income this year.

ü  Individual and Business Deductions

Medical expenses. State taxes. Charitable contributions. Equipment purchases. NOL carrybacks. Bonus depreciation. Ringing any bells? Your qualification for any of these deductions could mean a lower 2009 tax bill.

ü  Education and Child Tax Benefits

See how changes to the Child Tax Credit and the HOPE Credit—in addition to incentives under the Adoption Credit, the Lifetime Learning Credit, and two other tax-management programs—could affect you.

ü  Energy Incentives

Do you own a car powered by an alternative fuel? Did you install energy efficient property at your home? The government could reward you with a tax thank-you.

ü  Business Credits

If your small business recently established a retirement plan for your employees or saw a military employee called away to active duty, or if you provided child care for employees or hired individuals from groups that typically have difficulty finding jobs, you may be able to take advantage of up to four business credits.

I welcome the opportunity to meet with you to evaluate your personal situation. Please contact me to set up a complimentary one-hour consultation where we can discuss your needs and how I can help you plan your tax strategies for maximum benefit to you.

Sincerely yours,

Daryl B. Golemb