Estate Protection Plan / 2007 Tax Tips
We are pleased to announce an exciting new employee benefit program we are making available to employers, business owners, community organizations, and business associations in the Coachella Valley.
The Estate Protection Plan (EPP) is a financial and estate “wellness” program – providing education and services that can protect enrolled members and their families – at no cost to the sponsoring company or organization.
Components of the EPP program include:
Education through workshops, flyers, a program website and electronic benefits bulletin;
A Substantial Discount on Life & Estate Planning Services for each enrolled member and their family members; and
Our Trademark Prompt, Professional Service.
If the EPP is something that may be of interest to you, your employer, or a group to which you belong, please contact us. We are also seeking partnerships with professional advisors to jointly provide this program to clients as a value-added service from their trusted advisor. We would be happy to make a brief presentation.
For more information, please call us at 760-346-7056 or visit our website at www.ofseyerlaw.com and click on the umbrella.
For the most part, the window of opportunity for 2007 tax year planning closes on December 31. Here are a few tips to consider as you contemplate any 2007 year-end tax moves, and look forward to the 2008 tax year.
Legislation signed into law in early 2006 brought the most recent in a long series of temporary “fixes” for the alternative minimum tax (AMT), which continues to reach further into the ranks of middle-income families. This temporary fix, in the form of increased AMT exemption amounts, expired at the end of 2006. If Congress doesn’t act, the number of taxpayers subject to AMT is projected to increase from 4.24 million in 2006 to 23.19 million in 2007 (Source: Joint Committee on Taxation, March 5, 2007). Some action regarding the AMT is likely, but the form it will take is uncertain, making it important to stay up to date on any new developments.
Other important considerations
Unless there is additional legislative action, 2007 is the last year that a taxpayer age 70½ or older is able to make charitable contributions of up to $100,000 directly from an IRA to a qualified charity.
2007 is also the last year for other deductions, including the option to deduct state and local general sales tax (instead of state and local income tax) and the above-the-line deduction for qualified higher education expenses.
For small businesses, legislation this year increased the Section 179 expensing limits.