Our goal is to work with individuals and businesses to minimize your taxes. Together with our investment advisors we will build a total investment plan designed to retain and grow your assets. We stay on top of tax law changes so you don't have to.

Here are some 2007 tax changes to consider:

Tax Increase Prevention Act of 2007
The Alternative Minimum Tax has become a topic of heated discussion among taxpayers and lawmakers alike because the AMT now reaches into the pockets of the middle-class. Regular income tax brackets are indexed for inflation, but AMT thresholds are not. Thus far, the full effects of the AMT have been deferred by Congress by enacting a series of temporary patches -- boosting the amount of the AMT exemption. Congress passed another provisional one-year increase in December.

"Kiddie Tax" Changes
Currently, the law that taxes certain investment income of children at their parents' higher rate applies to kids under 18. Starting in 2008, the kiddie tax will be expanded to include dependents under 19 and dependent full-time students under 24. Children who provide more than half of their own support are not affected by the kiddie-tax change.

The latest change in the kiddie-tax rules makes saving for education expenses through a 529 plan more attractive than ever. As long as the money is used for qualified college expenses, withdrawals from 529 plans are tax-free and avoid the kiddie-tax issue altogether.

Mortgage Forgiveness Debt Relief Act of 2007 applies to 2007-2009
The Mortgage Forgiveness Debt Relief Act of 2007 (H.R. 3648) will exclude from gross income up to $2 million ($1 million for married, filing separately) forgiven on debt used to buy, build or substantially improve a principal residence during 2007-2009. The excluded amount will reduce the residence's basis, but not below zero. The exclusion applies if the discharge is directly related to a decline in the value of the residence or to the taxpayer's financial condition.