Now that the tax filing extension is behind many taxpayers, it is now time to focus on next year’s tax season. I know that many are dreading the process that will start all over again very soon, but there have many quite a few tax law changes that many affect your business and individual tax returns. The passage of the recent “bailout” package contained a great deal of changes for the coming tax season. The major changes include making the penalty provisions the same for taxpayers and tax preparers and the major change of extending the AMT patch. Luckily the AMT patch extender was passed in time enough for the IRS to make the necessary changes to the tax forms for the upcoming filing season.
The majority of the changes in tax code will more than likely happen after the election and going into the 2010 tax year. Be sure to stay tuned in to properly plan for your tax future. As always remember that tax planning should be a year round process.
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