As 2009 closes in just a few days, there are some important tax changes that will help you save money and prepare to file your 2009 tax return in the spring. We have summarized many of the major changes in our blog post, “Tax Planning Strategies & Year-End Considerations” in November, and since it has been one of our most popular posts, we’ve reposted it here and encourage you to review this information again before starting the process for your 2009 tax return.

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President Obama announced yesterday that he is currently working with Congressional leaders on a new economic stimulus package that will include tax cuts and new spending. Many of the initiatives outlined include incentives for businesses to create jobs, construction spending for roads and other infrastructure projects, and weatherizing rebates for homeowners. Consideration of the proposed legislation will not occur until early next year. As reported today in The New York Times:

The president’s new proposals include eliminating capital gains taxes on small business investment and creating “cash for caulkers” rebates for consumers who invest in home-weatherization projects — an idea modeled on the popular “cash for clunkers” program that increased auto sales over the summer.

 

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As the end of the year approaches, now is the time to evaluate your business and your personal tax strategies. By taking the time to prepare now, using this checklist, you will be able to develop a clearer picture of what your tax picture will look like while there’s still time to maximize current-year savings.

Retirement Planning

Look to maximize tax-deductible retirement plan contributions. The following table provides the maximum amounts that can be deferred under several popular retirement plan options during 2009.

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Over the last few years, legislative stimulus efforts have provided new ways for small businesses to benefit from investments in energy-efficient technology.

The North Carolina Solar Center and the Interstate Renewable Energy Council (IREC) have teamed up to provide an online database of incentives nationwide that promote renewable energy and energy efficiency.

There are a number of options to consider, and some tax deductions may help pay for installation costs. Many energy savers can save money for your small business, even without tax credits. Additionally, using energy saving, or “green”, options may appeal to “green” conscious clients. If your small business is looking to expand the use of green technology, now could be a great time to do so. Contact your tax professional today to learn more about how your business may benefit from these incentives.

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While the current economic conditions may prove challenging, there are tremendous opportunities as well. Reduced market values, shifting of assets and business closings can all create opportunity. Here are some areas to consider:

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• Proactively address any Goodwill or Identifiable Intangible impairment issues and discuss with users of your financial statements. Consider second opinion impairment consultations, when applicable.

• Private equity companies should consider valuation studies on their portfolio companies.

• Consider acquisitions of competitors at reasonable valuations to create increased market share and ensure proper positioning once the economy rebounds.

The American Recovery and Reinvestment Act of 2009 (the Act) also includes a number of energy incentives targeted to both businesses and individuals as part of the President’s plan to encourage the expansion of alternative energy development and production.

Long-term extension and modification of renewable energy production tax credit. The American Recovery and Reinvestment Act of 2009  extends the placed-in-service date for wind facilities for three years (through December 31, 2012). It also extends the placed-in-service date through December 31, 2013 for certain other qualifying facilities: closed-loop biomass; open-loop biomass; geothermal; small irrigation; hydropower; landfill gas; waste-to-energy; and marine renewable facilities.

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