Horizon Accountants  

Horizon Accountants
113 South Timber Way
Broadway, VA 22815

540-896-3330

Certified Public Accountant

Tax Law Changes For 2009

Please Contact Us for details of the 2009 tax law changes and their impact on business and individuals for the current tax year.

The tax provisions added from the American Recovery and Reinvestment Act and the Worker, Homeownership and Business Assistance Act in 2009 provide many significant enhancements and breaks to existing deductions and credits.

Tax planning is now more important than ever.

Estate Tax Issues

Because the House passed an extension of the $3.5 million estate tax exemption and the 45% estate tax rate but the Senate was unable to pass an estate tax bill in 2009, the estate tax is repealed on Jan. 1, 2010. The gift tax is retained with a 35% rate, and there is a step-up in basis for estate assets valued at $1.3 million. Because there is no step-up in basis for assets over $1.3 million, children and other heirs of estates over that level who later sell property may pay large capital gains taxes.

Please Contact Us for strategic planning and wise counsel.

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